Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII /
ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce
that its wholly-owned subsidiary, Almonty Korea Tungsten
Corporation (“AKTC”), has signed a memorandum of
understanding (“MOU”) with the Yeongwol County Office in
South Korea to secure the location of the Sangdong Downstream
Tungsten Oxide Plant. Yeongwol is located approximately 30 km’s
from the Sangdong Tungsten Mine and will be a hub for high-tech
industries utilizing local mineral resources.
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Choi Myung-seo (Middle Left), Head of
Yeongwol County and Yoo Woo-jong, Vice President of AKTC (Middle
Right), are signing a memorandum of understanding on investment in
the conference room of Yeongwol County Office (Photo: Business
Wire)
Key terms of the MOU include that AKTC proposes to establish a
factory of about 60,000 square meters within the Yeongwol County
Opportunity Development Special Zone to produce refined and smelted
tungsten, and tungsten alloys. Yeongwol County announced that it
will provide full legal and institutional support to Almonty.
During the process, AKTC proposes to invest approximately 100
billion won (approximately US$72 million) in the construction of
the downstream tungsten oxide plant, and an additional 40 billion
won (approximately US$29 million) in processing plant facility
upgrades required to increase tungsten concentrate production at
the Sangdong Tungsten Mine. As a result, Yeongwol-gun will serve as
an outpost for Korea's core industrial belt after facing a new era
of regional economic development and job creation according to the
mining and plant construction sectors.
The signing of the MOU reaffirmed the agreement between Yeongwol
County and AKTC to foster high-value-added industries in the region
and build critical raw materials industrial infrastructure.
Choi Myeong-Seo, the Governor of Yeongwol County said, “There
were many setbacks and hardships, but we have worked together to
overcome them well. As a large-scale investment in Yeongwol-gun, I
hope it will be of great help as it is implemented well according
to this MOU agreement.”
"Based on the successful Sangdong Mine redevelopment project, we
will quickly complete the ecosystem of the tungsten industry so
that Yeongwol-gun can lead the construction of a critical mineral
industrial complex in Gangwon-do," said Yoo Woo-jong, vice
president of AKTC. In addition, he mentioned that "This large-scale
investment will not only revitalize the local economy, but will
also contribute importantly to the establishment of a national
resource security system by securing a stable supply chain of
needed strategic minerals essential for Korea's high-tech
industries."
On the same day, during a discussion on pending issues held in
Yeongwol-gun, he stated that he expects Taebaek and Yeongwol to be
tied to the critical mineral industrial belt to attract more
companies, thereby gaining new growth engines for the economy of
Gangwon Special Self-governing Province.
The signing ceremony was attended by many government officials
and Company representatives, including Choi Myung-seo, the Governor
of Yeongwol County, Yoo Woo-jong, Vice President of AKTC, Manuel
Pacheco, COO of AKTC, Lee Gwan-woo, Vice Governor, and Yoo
Young-man, Team Leader of the Regional Economy Department of the
Yeongwol County Office.
About Almonty
The principal business of Toronto, Canada-based Almonty
Industries Inc. is the mining, processing and shipping of tungsten
concentrate from its Los Santos Mine in western Spain and its
Panasqueira mine in Portugal as well as the development of its
Sangdong tungsten mine in Gangwon Province, South Korea and the
development of the Valtreixal tin/tungsten project in northwestern
Spain. The Los Santos Mine was acquired by Almonty in September
2011 and is located approximately 50 kilometres from Salamanca in
western Spain and produces tungsten concentrate. The Panasqueira
mine, which has been in production since 1896, is located
approximately 260 kilometres northeast of Lisbon, Portugal, was
acquired in January 2016 and produces tungsten concentrate. The
Sangdong mine, which was historically one of the largest tungsten
mines in the world and one of the few long-life, high-grade
tungsten deposits outside of China, was acquired in September 2015
through the acquisition of a 100% interest in Woulfe Mining Corp.
Almonty owns 100% of the Valtreixal tin-tungsten project in north-
western Spain. Further information about Almonty’s activities may
be found at www.almonty.com and under Almonty’s profile at
www.sedarplus.ca.
Legal Notice
The release, publication, or distribution of this announcement
in certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published, or distributed should inform themselves about
and observe such restrictions.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “estimate”,
“project”, “belief”, “anticipate”, “intend”, “expect”, “plan”,
“predict”, “may” or “should” and the negative of these words or
such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. These
statements and information are based on management’s beliefs,
estimates and opinions on the date that statements are made and
reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Almonty
to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: any
specific risks relating to fluctuations in the price of ammonium
para tungstate (“APT”) from which the sale price of Almonty’s
tungsten concentrate is derived, actual results of mining and
exploration activities, environmental, economic and political risks
of the jurisdictions in which Almonty’s operations are located and
changes in project parameters as plans continue to be refined,
forecasts and assessments relating to Almonty’s business, credit
and liquidity risks, hedging risk, competition in the mining
industry, risks related to the market price of Almonty’s shares,
the ability of Almonty to retain key management employees or
procure the services of skilled and experienced personnel, risks
related to claims and legal proceedings against Almonty and any of
its operating mines, risks relating to unknown defects and
impairments, risks related to the adequacy of internal control over
financial reporting, risks related to governmental regulations,
including environmental regulations, risks related to international
operations of Almonty, risks relating to exploration, development
and operations at Almonty’s tungsten mines, the ability of Almonty
to obtain and maintain necessary permits, the ability of Almonty to
comply with applicable laws, regulations and permitting
requirements, lack of suitable infrastructure and employees to
support Almonty’s mining operations, uncertainty in the accuracy of
mineral reserves and mineral resources estimates, production
estimates from Almonty’s mining operations, inability to replace
and expand mineral reserves, uncertainties related to title and
indigenous rights with respect to mineral properties owned directly
or indirectly by Almonty, the ability of Almonty to obtain adequate
financing, the ability of Almonty to complete permitting,
construction, development and expansion, challenges related to
global financial conditions, risks related to future sales or
issuance of equity securities, differences in the interpretation or
application of tax laws and regulations or accounting policies and
rules and acceptance of the TSX of the listing of Almonty shares on
the TSX.
Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to, no
material adverse change in the market price of ammonium para
tungstate (APT), the continuing ability to fund or obtain funding
for outstanding commitments, expectations regarding the resolution
of legal and tax matters, no negative change to applicable laws,
the ability to secure local contractors, employees and assistance
as and when required and on reasonable terms, and such other
assumptions and factors as are set out herein. Although Almonty has
attempted to identify important factors that could cause actual
results, level of activity, performance or achievements to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results, level of activity,
performance or achievements not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate and even if events or results described
in the forward-looking statements are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on, Almonty. Accordingly,
readers should not place undue reliance on forward-looking
statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing
list of material factors is not exhaustive. When relying on
Almonty’s forward-looking statements and information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause
any forward-looking statements and information to differ materially
from actual results or events. However, the list of these factors
is not exhaustive and is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.
READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO
UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE LAWS.
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version on businesswire.com: https://www.businesswire.com/news/home/20240711772928/en/
For further information, please contact: Lewis Black Chairman,
President and CEO Telephone: +1 647 438-9766 Email:
info@almonty.com
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