Q2 Earnings out Lewis Black, Chief Executive Officer of Almonty commented: “This was another difficult Quarter with the Covid-19 restrictions as a backdrop but we are now starting to see some normalization returning. Our focus continues to be in controlling costs at our Panasquiera site, where our outlook remains positive and profitable, in continuing to conclude all the permitting for the Valtrexial project in 2020 including most recently the land leases which are now completed and, of course, our Sangdong Project, the cornerstone of our Company and the closing of the related project financing. The third update of the US$75M financing will be released shortly.
Regarding progress on the ground in Korea, I am happy to report that the Monty B ore portal is now underway, and this 120m ore portal is expected to be finished November 15th, 2020. The drainage diversion is being marked out now and we expect to commence that in October 2020 so that it is completed prior to the winter weather. All demolition of buildings outside of our build area have now also been correctly finished and the sterilisation of the site has been completed. All environmental programs for the construction to commence are now in place in accordance with the equator principles. We also expect to execute final contracts with Metso, the main provider of our processing plant, at the start of next week where orders for the long lead time equipment will then be placed.”
Source: https://ceo.ca/@businesswire/almonty-announces-positive-q2-2020-ebitda-from-mining