“We are fully committed to implementing responsible and sustainable mining practices as we reopen the Sangdong Mine while also providing the safest environment possible for our mine workers.
Mine Safety DX technology, developed with Korean Telecom, gives us a previously unheard of level of workplace environment monitoring that ensures the detection of hazardous factors and timely notifications to protect worker well-being. We look forward to sharing this advancement with the rest of the mining community. In addition, AKTC will be making this technology, which is a key component of our ESG program, available via open source to allow all South Korean mines access to this important new system.
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Almonty and Korea Telecom collaboration introduces revolutionary Mine Safety DX technology to augment responsible and sustainable mining practices at Almonty’s Sangdong Mine
Toronto July 11, 2023 – Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), through its wholly-owned South Korean subsidiary, Almonty Korea Tungsten Corporation (AKTC), is proud to announce its collaboration with Korea Telecom (KT) which is introducing cutting-edge Mine Safety DX technology. Developed in partnership with KT, this innovative solution aims to enhance worker safety and promote efficient mining practices which is indicative of AKTC’s strong commitment to environmental, social, and governance (ESG) compliance.
The partnership between AKTC and KT is the result of the continuing challenges the mining industry has faced in ensuring immediate response to unforeseen events and instantaneous sharing of critical information in emergency situations. The Mine Safety DX technology, which is being implemented at the Sangdong Mine in South Korea, addresses these concerns by utilizing advanced Information and communication technology to establish a new safety framework for mining operations.
Infrastructure setup at Sangdong Mine
Infrastructure setup at the Monty B gallery Adit
The communication infrastructure established by KT and AKTC at the Sangdong Mine is based on Long Term Evolution technology. This infrastructure offers superior coverage and simultaneous access, surpassing the capabilities of Wi-Fi and radios traditionally used in mine communication. By utilizing “leaky coaxial cables” and “mining designated line amplifiers,” seamless communication is possible even in deep underground sections of the mine, ensuring communication and monitoring capabilities.
The Mine Safety DX solution incorporates various components, including smart devices, access/location management, an AI-based mine safety system, and workplace environment monitoring. Smart devices, such as smart bands and helmets with smart tags, provide real-time location information and biometric data, enabling immediate response to underground emergencies and ensuring worker safety. The access/location management component utilizes Bluetooth Low Energy beacons for precise positioning and notification of workers entering dangerous areas. This AI-based mine safety system enables real-time monitoring of worker safety, emergency messaging, and data analysis allowing mine operators to take proactive safety measures. Workplace environment monitoring ensures the detection of hazardous factors and timely notifications to protect worker well-being.
In addition to improving safety standards, the Mine Safety DX technology also contributes to the efficient functioning of mining operations. By establishing a robust communication infrastructure, AKTC aims to enhance mining efficiency and productivity. The collaboration between AKTC and KT aligns with the South Korean Ministry of Trade, Industry and Energy’s Comprehensive Mine Safety Plan and supports the government’s goal of providing long-distance wide-area communication capabilities by 2027.
The implementation of Mine Safety DX at the Sangdong Mine further solidifies AKTC’s commitment to responsible and sustainable mining practices. The redevelopment of the Sangdong Mine is not only revitalizing the local community but also positions KTC as a leader in the domestic mining industry. Almonty’s investment in safety measures and the application of fourth industrial revolution technology demonstrates its dedication to reducing risks and improving the overall mining environment.
Donghoon Kang, Sangdong Mine’s Planning Director at AKTC commented:
“We are proud to partner with KT in developing the Mine Safety DX solution. This collaboration allows us to prioritize worker safety while also promoting efficient mining practices. We believe that the implementation of this technology will establish Yeongwol-Gun, Gangwon-do, as a mining city at the forefront of technological advancement, contributing to the revitalization of the domestic mining industry.”
AKTC and KT plan to continue their collaboration in developing innovative solutions that not only prioritize safety but also align with ESG principles. By integrating advanced technology, sustainable practices, and strong corporate governance, AKTC remains at the forefront of responsible mining practices in South Korea.
Almonty Industries has secured a corrective disclosure from Pure Tungsten following a successful legal settlement, confirming that Tiger Kim never held an executive, officer or director position with Almonty and that his limited involvement as an independent contractor ended in 2015.
Almonty Industries has issued a shareholder update highlighting the start of tungsten production at the Sangdong Mine, the launch of Phase II development, and continued expansion of its Western-aligned tungsten supply strategy across South Korea, Europe and Rwanda.
Almonty today announced that it has received mining facility inspection certificates for the processing plant and crushing facilities at the Sangdong Mine (“Sangdong”) in Yeongwol, Gangwon Province, South Korea.
Almonty (NASDAQ: ALM) (FSE: ALI1) is a leading supplier of conflict free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty’s flagship Sangdong Tungsten Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to supply over 80% of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit almonty.com.
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Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the absence of market conditions that could adversely impact the Offering or the intended listing of the Common Shares on the Nasdaq; the satisfaction of all listing requirements of the Nasdaq; the achievement of any closing conditions to the Offering; and the absence of material adverse changes in the Company’s industry or the global economy including interest rates, inflationary pressures, supply chain disruptions, and commodity market volatility.
Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risks and uncertainties identified in the Registration Statement; risks relating to the Offering not being completed in a timely manner or at all, including due to unfavourable market or other conditions or factors; the possibility that the required approvals for or conditions to the Offering will not be received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the Offering; business disruption during the pendency of or following the Offering; diversion of management time on Offering-related issues; the ability to retain members of Almonty’s management team; the impact of the Offering on relationships with customers, suppliers, employees and other business counterparties; risks related to the reaction of customers, shareholders and members of the public to the Offering; and other events that could adversely impact the completion of the Offering, including industry or economic conditions outside of Almonty’s control. Any of these risks could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company’s Registration Statement, the most recent Annual Information Form and the amended Management Discussion and Analysis for the three months ended March 31, 2025 filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
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, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
For further information, please contact:
Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
Email: info@almonty.com
