Full-scale mining is scheduled to begin this year! A good news-
https://www.hankyung.com/article/2024050199641
“High-quality tungsten from Yeongwol, Gangwon-do has global competitiveness to replace Chinese products.”
CEO Lewis Black (pictured), who met at Almonty Daehan Heavy Stone on Sejong-daero, Seoul on the 30th of last month, said this about Korean tungsten produced at Sangdong Mine in Yeongwol-gun. Almonty Daehan Heavy Stone acquired the Sangdong Mine, which was closed in 1992, in 2015 and is redeveloping it. Pilot mining is currently underway and full-scale mining is scheduled to begin within this year.
CEO Black explained, “China, which accounts for more than 90% of the global tungsten market share, is changing from an exporter to an importer due to declining mine reserves and reduced subsidies,” adding, “This is a positive factor for tungsten from the Sangdong Mine in Korea, which has a lifespan of more than 100 years.” did. Almonty Daehan Joongseok has invested $125 million (approximately 173.5 billion won) to date. We plan to invest an additional $175 million (approximately 242.9 billion won) in the future.
According to Almonty Korea Stone, 45% of the total tungsten produced in Yeongwol will be sold to the United States and 55% to Korea. Korea imports more than 90% of its annual tungsten imports (7,000 to 8,000 tons) from China. Once tungsten mining at the Sangdong Mine begins in earnest, it is expected to be able to replace a significant portion of Chinese imports.