ALMONTY INDUSTRIES: TUNGSTEN - VERSATILE AND RARE A company ALMONTY INDUSTRIES: TUNGSTEN - VERSATILE AND RARE
A company that can be of great importance for both the automotive industry and healthcare providers is Almonty Industries. The Canadians have been focusing on the mining of tungsten for years. What we all know from filaments in classic light bulbs is now also found in medical devices or in rechargeable batteries. The steel industry also depends on tungsten and uses the element's heat resistance. Tungsten has always been considered particularly difficult to mine. Teams working in mines often pass on their knowledge from generation to generation. In addition to existing mines in Portugal and Spain, Almonty Industries is currently developing the Sangdong mine. This project dwarfs everything else and is considered one of the largest tungsten deposits in the world. Construction work is currently underway to bring the mine into production.
Almonty CEO Lewis Black sees the South Korean Sangdong project as on track: "We have made solid progress at the Sangdong tungsten project in May 2023. The arrival of the Pebble Crusher and Primary Jaw Crusher means we now have 100% of the equipment for the Ball mill and SAG mill on-site and shows that construction of our flagship project continues to progress well, as we look to complete construction by the end of the 2023 financial year and commission the project in the first half of 2024," says Black, referring to the goal of making the project particularly environmentally sustainable. Coupled with the tungsten's origins in stable and reliable South Korea, the raw materials will likely be in demand in the market. Market analysts at Straits Research expect the tungsten market to grow by 7.8% annually between 2022 and 2031. Given the complexity of tungsten mining, the market position of Almonty, which is financed by Germany's Kreditanstalt fr Wiederaufbau (KfW), among others, should be stable.
At a time when new markets are emerging for many industrial companies, investors can also look for opportunities along the value chain. Both batteries for electrically powered vehicles and devices for medical technology can contain tungsten. In some cases, it even offers great advantages. In the field of battery technology, for example, it presents the opportunity to do without cobalt. The Almonty Industries share is speculative but equally rich in opportunity. The Company is in an exciting phase.
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