ALMONTY INDUSTRIES INC - USE CONSOLIDATION TO ENTER THE MARK The EU has classified tungsten as a critical raw material since the first study and in the top ranks in terms of economic importance and procurement risk. Tungsten is the chemical element with the highest melting and boiling point and is therefore used in many important industrial sectors. The market is dominated by China, where tungsten is mined predominantly as the main product. Typical by-products are tin and molybdenum, but also gold, silver and occasionally fluorite or bismuth. The substitutability of tungsten by other raw materials is severely limited.
Almonty is focusing on tungsten with several projects. The focus of activities is currently in Europe, with the Los Santos Mine in western Spain and the Panasqueira Mine in Portugal. However, the music is playing in Asia. Here, Almonty is building the Sangdong mine in South Korea, the largest tungsten mine outside China. The Company also owns the Sangdong molybdenum project. Here, an extensive drilling program will be carried out this year to take an essential step towards resource determination. Molybdenum is also a critical raw material with very high heat resistance and is often used for special alloys in stainless steel.
Recently, the share reached a price level of CAD 1.30. Currently, the shares are consolidating at a level of around CAD 1, valuing the Company at CAD 191 million. The weaker share prices are undoubtedly related to the information that the Company published at the end of March. Almonty was unable to present its annual financial statements for the past fiscal year by March 31, as required by law. The reasons given by Almonty were that the auditors were unable to carry out the required inspection of the production facilities in Portugal due to Corona. Almonty assured that the annual report would be published by April 23. Forward-looking investors are taking advantage of the current favorable share price level for (additional) purchases.
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