A significant moment for Almonty Industries Inc. – Breaking ground for the ‘Monty B Portal’ at Almonty Industries’ Sangdong Mine finally sees construction of the World’s Largest Tungsten Mine commence in South Korea.
This week Almonty Industries officially commenced construction of the WORLD’S LARGEST TUNGSTEN MINE. Construction of the ‘Monty B’ Portal has commenced at the Sangdong Mine project in South Korea.
In the late 20th century, Sangdong was the leading global Tungsten producer for many decades, however has been left dormant for more than 20 years. Now wholly owned by Almonty Industries’, it has been determined that this mine has the potential to produce over 5% of global production and nearly 30% of non-Chinese production.
South Korea once had a thriving mining culture with many relatively small metallic mines including gold, base metals and tungsten/molybdenum. The Almonty Korea Tungsten mine was the powerhouse of the economy in the post-Korean War decades, contributing more than 50% of the country’s export revenue as one of the largest global tungsten producers.
This mine, along with almost all other metallic mines in South Korea, closed in the 1990’s primarily due to low commodity prices, at a time when South Korea was emerging as a manufacturing powerhouse with companies such as Hyundai, LG, Samsung and POSCO attaining international prominence.
After many years of dormancy, in 2006 Almonty Industries recognized the potential in South Korea, and secured title of the property which was historically the largest tungsten producer in South Korea.
The Almonty Korea Tungsten deposit (Sangdong Mine) is known now to host one of the largest tungsten resources in the world, with the potential to produce 50% of the world’s Tungsten supply (ex-China output).
Hence why Almonty Industries carries so much pride and anticipation at this time, with the breaking of ground for the Monty B Portal at the Sangdong Mine this week!
The below video provides further insight into the history of this historic mine:
Photo galleries of Almonty Korea Tungsten. (Almonty, through its wholly-owned subsidiary, Woulfe Mining Corp, owns a 100% interest in the Almonty Korea Tungsten Project (AKT) located in South Korea.)
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 north western 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.sedar.com.
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Forward-looking statements in this press release include, but are not limited to, statements regarding the expected use of proceeds of the Debenture Offering. The forward-looking statements and information in this press release include information relating to the intentions of management. Such statements and information reflect the current view of Almonty with respect to risks and uncertainties that may cause actual results to vary. 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: the receipt of all required approvals, unanticipated costs and expenses, general market and industry conditions and perational
risks, including large project risk and contractual factors, 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, 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 of the TSX.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, the receipt of all required final approvals, no unanticipated delays in the project financing, no material unanticipated costs and expenses, no material adverse change in general market and industry conditions and no unanticipated material operational risks, including large project risk and contractual factors, no material adverse change in the market price of 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.
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