The field of robotics and artificial intelligence is rapidly expanding in 2023, with tungsten emerging as a crucial element for their success.
Robotics is a field that encompasses the design, development, and operation of robots, with a history dating back to ancient times. The modern era of robotics began in the 20th century, and the industry has progressed rapidly with new advancements and breakthroughs being made every day. Today, it is a multi-billion dollar industry with a broad range of applications in manufacturing, healthcare, space exploration, and military operations. Recent advancements in artificial intelligence and the growing availability of rare metals such as tungsten have enabled robots to perform increasingly complex tasks.
Tungsten is a rare metal with excellent physical and chemical properties, including a high melting point, high density, high strength, and good conductivity and thermal conductivity. In the past, China has been the world’s major supplier of tungsten due to its large reserves of the metal. However, in recent years, there has been a growing demand for tungsten from outside of China. This has led to a more diversified supply chain, including the reopening of the Sangdong Mine in South Korea, which is driving significant development in the robotics industry.
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.
In addition to its use in manufacturing, tungsten is also an essential material for the production of robotic arms and other heavy machinery. Tungsten heavy alloys are often used in the production of these parts, due to their high density and strength. These alloys are composed of tungsten and a small amount of a binder material, such as nickel or iron, which helps to maintain their shape and form. Tungsten heavy alloys are also highly resistant to wear and corrosion, which makes them ideal for use in robotic arms and other heavy machinery that is subject to frequent use and exposure to harsh conditions.
Another area where tungsten is commonly used in the robotics industry is in electrical discharge machining (EDM) processes. EDM is a manufacturing process that uses electrical discharges to shape and cut metal parts, and tungsten wires are often used as the electrode in these processes. The high melting point and good conductivity of tungsten make it an ideal material for EDM processes, which require high levels of precision and control.
EDM – Electrical Discharge Machining
Tungsten is used in the production of sensors and other electronic components used in robotics. Its high thermal conductivity and stability at high temperatures make it an ideal material for use in these applications. Tungsten is commonly used in the production of high-temperature sensors that are used in the aerospace and defense industries, as well as in robotics applications where extreme temperatures are present.
As the demand for advanced robotics, aerospace, and electric vehicles continue to grow, so too does the demand for tungsten and other essential materials used in their production. The growing availability of tungsten outside of China, such as from the Sangdong Mine, is good news for these industries as it ensures a more stable and diversified supply chain for this crucial material. Tungsten’s exceptional physical and chemical properties make it an essential material for the production of advanced robotics, and its importance will only continue to grow as the industry continues to evolve.
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Almonty Announces the Filing of its Unaudited Interim Condensed Consolidated Financial Statements and MD&A for the Three Months Ended March 31, 2023
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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.
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