Support from the Korean government Almonty Industries – Support from the Korean government
The Sangdong mine is on the verge of resuming production. A ceremony was held to celebrate this momentous occasion, attended by business representatives and politicians from South Korea. The Company plans not only to extract tungsten concentrate but also to produce tungsten oxide in order to reduce dependence on imports. This will make it the largest tungsten producer outside China. The support of the Korean government means that Almonty's approach is seen as respectful and sensitive. Its focus on sustainability and its commitment to social responsibility have contributed to this. The reopening of the Sangdong mine thus symbolizes a pivotal moment for the Korean economy and its ambitious goals in future technologies such as electromobility and semiconductor production.
The Sangdong mine in Korea, regarded as the largest tungsten mine outside of China, is making promising progress. Despite the rainy season, construction is progressing rapidly, and the completed technical review of the pilot plants has cleared the way for the installation of the processing facilities. The Company benefits from unique offtake agreements and the stable political situation in Korea. The mine is characterized by high yields, which are more than three times higher than those of the Panasqueira mine. In addition, a significant molybdenum deposit offers further growth potential. Planning is further along than expected, with the basic infrastructure nearly completed and confirmation of historical data pending, which will provide substantial added value.
In Portugal, the Company plans to increase production by 40% by expanding the Panasqueira mine to Level 4. These initiatives promote sustainable growth and strengthen the Company's position in the global market. US delegations have already been on site to get a picture of the situation. The geopolitical importance of tungsten is also underlined by its inclusion in the list of critical raw materials of the European Union and the US. As the raw material is used in more and more high-tech applications, demand is steadily increasing, whether it be from the automotive or defense industry. The share has risen by around 80% since the beginning of the year due to these prospects and is currently trading just below the year's high of CAD 0.95. If the Sangdong mine goes into operation, the share will likely have further growth potential.
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