Finally, Some Very Important News w/comments from GTP CEO
Almonty receives OK for Sangdong due diligence report
2019-07-29 16:22 ET - News Release
Mr. Lewis Black reports
ALMONTY ANNOUNCES THE ACCEPTANCE BY THE LENDING BANK OF THE FINAL TECHNICAL DUE DILIGENCE REPORT ON THE SANGDONG MINE DEVELOPMENT PROJECT AND THE COMMISSIONING OF THE PILOT PLANT
Almonty Industries Inc. has obtained the clearance and acceptance by KfW IPEX-Bank GmbH of the final technical due diligence report on the Sangdong mine development project submitted by the independent engineer.
The final acceptance of the Independent Engineer's report signifies the clearance of certain pending issues related to compliance with the Equator Principles and, therefore, the project is now moving forward to the next stage of financial closure.
Almonty has worked closely with the Independent Engineer in the past several months to ensure sustainable development outcomes and the integration of environmental, safety and social considerations into the project development procedures, meeting the stringent international standards and guidelines.
Almonty also announces the mechanical completion and the commencement of commissioning of the government-subsidized pilot plant at the site on the same day.
Almonty's Chairman, President and CEO, Lewis Black said:
"The acceptance of the final due diligence report by KfW-IPEX Bank is truly a meaningful turning point for the Sangdong Mine Project. With the establishment of internationally recognized best business practices, one of the historically largest tungsten mines in the world will be developed to the highest standards in every aspect. The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in project financing.
We are particularly pleased that the project, after ceaseless efforts for betterment and the long period of preparation, is now moving to the actual development stage. We, at Almonty, will not spare any effort in expediting the upcoming process of loan documentation and financial closing requirements followed by the commencement of the 18-month construction phase.
The final acceptance of the due diligence report and consequent green light from the KfW-IPEX Bank coincided with the news of the mechanical completion and commencement of the pilot plant commissioning which will surely be of a great help in further enhancing the remarkable metallurgical process achievement developed with Geoscience and Mineral Resources (KIGAM) already secured, as previously announced.
In my opinion, a series of forthcoming steps such as an issuance of ECA cover (being the guarantee the Austrian Development Bank (OeKB) is to issue for the loan), loan agreement signing, official ground breaking and ongoing construction will also help Almonty in consummating its pursuit of a secondary listing on the Korea Stock Exchange, the home exchange of ex-Korea Tungsten Mining Corp.
We are really thankful to the community of Sangdong and to the government of Yeongwol County for their patience and overwhelming support."
Global Tungsten & Powders, President and CEO, Hermann Walser said:
"As the biggest tungsten product producer outside China and future off-taker of the products from the Sangdong Mine, Global Tungsten & Powders is very pleased to see that a new major tungsten mine has reached this important milestone on the path towards securing full funding.
We continue to support the due diligence process undertaken by KfW-IPEX Bank and we will further support the Austrian Export Credit Agency (OeKB) in their ongoing evaluation process to provide an export guarantee for the project. We are looking forward to 2021 when the Sangdong Mine will start to provide GTP with a long-term secure supply of tungsten concentrates that are mined and processed in a safe and responsible manner."