Release date - 08072024
TORONTO - Almonty Industries Inc. ('Almonty' or the 'Company') (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that on the 3rd of July, 2024, Kim Jin-tae, the Governor of Gangwon Special Self-Governing Province, toured Almonty's tungsten mine redevelopment site in Sangdong-eup, Yeongwol county, South Korea. Governor Kim was briefed on the redevelopment status of Almonty's Sangdong Mine with Choi Myung-seo, the County Mayor of Yeongwol, and toured 1.3 km of the main transport portals built by Almonty.
At the site, Governor Kim stated, 'The Sangdong Tungsten Mine, which has been closed for over 30 years, is coming back to life. I am very pleased that tungsten production will revive the economy of the abandoned mine area and strengthen resource security.'
Ryu woo-jong, a Vice President of Almonty's wholly-owned subsidiary, Almonty Korea Tungsten Corporation, ('AKTC') said, 'AKTC will not only mine and sell concentrate tungsten, boasting the largest reserve and highest grade of any single mine globally, but also plans to complete a tungsten oxide production plant in Yeongwol by 2027 to establish a domestic tungsten product pipeline.'
Mr Ryu Woo-Jong added that since acquiring the mining rights to the Sangdong Mine in 2015, nearly 130 billion KRW (equivalent of approximately US$94 million) has been invested in its redevelopment. 'An additional 50 billion KRW (equivalent of approximately US$36 million) will be invested by the first half of 2025, resulting in an economic impact of over 500 billion KRW (equivalent of approximately US$360 million) within Gangwon Special Self-Governing Province and the creation of up to 1,800 jobs (directly and indirectly).'
Once the Sangdong processing plant, which is currently being constructed by Almonty, is completed, around 65% WO3 high-grade tungsten concentrate will be produced in Sangdong Mine shortly. However, until Almonty completes the tungsten oxide plant in Yeongwol, the tungsten concentrate produced from the Sangdong Tungsten Mine will be exported abroad to be processed into tungsten oxide needed by domestic South Korean companies for use in semiconductor and secondary battery production, and then re-imported to South Korea.