Almonty Industries Inc T.AII

New Press Release - Almonty to Receive 7th and Penultimate 8th Drawdowns from KfW IPEX-Bank for Ongoing Construction of the Sangdong Tungsten Mine

Highlights:7th and Penultimate 8th drawdowns from KfW IPEX-Bank (“KfW”) totaling US$10.6 million to be received this week.National Defense Authorization Act for Fiscal Year 2025 by the United States Senate highlights concern around tungsten supply chain, given the dominance of China and Russia...read article.

[TwelveBagger]

  Still on track! Hopefully this spawns some action and volume!

[chizzles]

This is such a simple yet huge announcement imo. We've been waiting since November 21st 2023 (the announcment of the 6th drawdown). As LB said in his statement " The 7th and penultimate 8th drawdowns continue to demonstrate the solid progress being made constructing the Sangdong Tungsten Mine.”" KFW would not give out $10.6 million US to a company that has not made any

[5ilverlining808]

If I count the numbers rightly : Original loan of US$75.1 million minus the US$66.5 million already spent, then add the 7th and 8th drawdown of US$ 10.6 million puts us at US$2 million over budget. So what...if the bank is happy with that them there are zero problems and the trust is still there. KfW is hard to please, so I think they are more than impressed with the way Lewis does business, and

[cubesoftungsten]

Great news! Thanks for figuring out they are slightly over budget, definitely not unexpected for a project executed largely during COVID. Seems Anonymous is dumping shares this morning but I expect this announcement should drive some volume.

[chizzles]

Not over budget. LB stated that the new total will be $66.5 million. “This week, Almonty will receive its seventh and eighth drawdowns from KfW from its US$75.1 million loan facility, bringing the total amount of drawdowns to date to US$66.5 million."

[5ilverlining808]

Yep, I read that one wrong. Sorry.

[whoisyourpapa]

Toronto – December 7, 2020 - Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the execution of the Facility Agreement (loan agreement) and the Completion Agreement with KfW-IPEX Bank GmbH for the US$75.1 million project financing for its wholly-owned Sangdong Mine located in South Korea. In addition, the Company also announces

[QuarterDollar]

As soon as the first and second drawdowns were done, it was a forgone conclusion for me that Sangdong would go into production. As for the DS plant, it is very close to being a very high probability of being done as well. So I am not worried about these things.  My focus is on growth.  I want to hear Almonty's plans to have a play in almost every continent.  The US

[whoisyourpapa]

Well said QD.  Management has positioned us as the Rolls Royce of Tungsten so opportunities should abound for Almonty. . .

[QuarterDollar]

@Whois....thanks Regarding Further Growth.........IMC is building a plant in SK. Well the Chinese is making their presence there as well with their focus on recycling tungsten.  Well if the Chinese are recycling tungsten, where is IMC going to get their tungsten from? Companies either build closer to their buyers or their suppliers to minimize costs and maximize profits. We should be