Electric vehicles (EVs) are becoming increasingly popular as the world moves towards cleaner and more sustainable forms of transportation.
As the demand for EVs continues to grow, so too does the demand for materials used in the production of EV batteries, including tungsten. One company that is set to benefit from this trend is Almonty Industries Inc, which owns the Sangdong Mine in South Korea.
One of the main reasons why tungsten is becoming an essential component in the production of EV batteries is its ability to improve the energy density of the battery. Energy density is a measure of how much energy a battery can store per unit of volume, and a higher energy density means that a battery can store more energy in a smaller space. This is important for EV batteries, as it means that the battery can be made smaller and lighter without sacrificing performance.
Smaller and lighter EV batteries increases space, weight and performance in electric vehicles.
The Sangdong Tungsten Mine, which was recently reopened by Almonty Industries, is set to play a crucial role in the production of EV batteries. The mine will offer a stable and affordable supply of high-grade tungsten, with well-established logistical systems, providing a reliable shelter from the tightening supply of tungsten. This ensures a stable and sustainable supply of this essential material for the EV battery manufacturing industry in Korea.
The availability of tungsten from the Sangdong Tungsten Mine is important, as the cost of EV batteries is one of the main barriers to the widespread adoption of Electric Vehicles. By using tungsten from the Sangdong Tungsten Mine, manufacturers can help to reduce the cost of EV batteries without sacrificing performance or safety.
LG Energy Solution, Samsung SDI, and SK Innovation: x3 major players from South Korea.
The EV battery manufacturing market is highly competitive, with LG Energy Solution, Samsung SDI, and SK Innovation forming three of the 10 major players from Korea as can be seen from the table above. However, these manufacturers currently rely on Chinese tungsten in their supply chain, which poses a significant risk to their operations. Almonty Industries’ Sangdong Tungsten Mine provides a stable and affordable alternative for these companies, allowing them to diversify their supply chains and reduce their dependence on China.
The use of tungsten in EV batteries offers advantages, but there are also challenges. One of the main challenges is that tungsten is a brittle material which is very difficult to source and process without specialist knowledge. Additionally, tungsten is a relatively new material for use in EV batteries and there are only a limited number of manufacturers that can produce EV batteries with tungsten components at this stage in their development.
Despite these challenges, the use of tungsten in EV batteries is becoming increasingly popular as manufacturers continue to explore new ways to improve the performance, safety and cost-effectiveness of EV batteries. As demand for EVs continues to grow, tungsten is likely to play an increasingly important role in the production of EV batteries, with the Sangdong Tungsten Mine providing a reliable source of this essential material for the industry.
In conclusion, as the world moves towards cleaner and more sustainable forms of transportation, tungsten is likely to play a crucial role in the development of EV batteries, and Almonty Industries’ Sangdong Tungsten Mine is well-positioned to benefit from this trend. As the technology continues to improve, we can expect to see the use of tungsten in EV batteries increase, and for it to become an even more essential component in the production of electric vehicles.
Powered by Tungsten (W): 0-60mph: 1.69 seconds. Top Speed: 249mph / 400kph
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Almonty Announces the Filing of its Unaudited Interim Condensed Consolidated Financial Statements and MD&A for the Six Months Ended June 30, 2023
Almonty announces the filing of its unaudited interim condensed consolidated financial statements and MD&A for the six months ended June 30, 2023 and $1.1M in positive EBITDA from mining operations.
Almonty Industries Inc. today is pleased to provide a construction progress update for its Sangdong Tungsten Mine located in South Korea.
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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.
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.
Disclaimer for Forward-Looking Statements
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 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.
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 DO SO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.