Almonty Provides an Operational Update on Activities at its Tungsten Mines

Last Updated, September 13, 2021
Written by Lewis Black

Written by Lewis Black

Home » Market Announcements » Almonty Provides an Operational Update on Activities at its Tungsten Mines

Dear Investors,

On behalf of global leading tungsten producer and developer, Almonty Industries Inc’s (TSX: AII / ASX:  AII / OTCQX: ALMTF / Frankfurt: ALI.F), I am very pleased to provide an update on activities at the Company’s tungsten mines.

Sangdong Tungsten Mine in South Korea (Sangdong)

The construction of Sangdong is on budget and on schedule. The road and river diversion is expected to be completed in early October. Both pieces of infrastructure are rated accordingly under our ESG programme for a 100-year event.

Underground mine development continues as planned, and we have, as of last week, completed 17.5% of the scheduled 3,748m. Our shotcrete batch plant continues to impress with a rebound rate around 6% and even at times as low as 3%!

To put that into perspective a rebound rate for sloping walls or vertical walls runs between 5-10%. Rebound is the part of the shotcrete that does not adhere to the surface during application, causing some material to ricochet. The loss of material and subsequent clean-up can slow down work on site while increasing costs, so it´s important to minimize it.

This is a great example of the depth of talent that is evident within the Almonty in house team, utilizing learnings and experiences from our >100 years of operations at Almonty’s Panasqueira Tungsten and Tin Mine in Portugal. As previously outlined, Almonty’s key operational team from Panasqueira has and will continue to have a key role in the construction, commissioning, ramp-up and production at Sangdong which we believe will strongly de-risk the project.

Over US$14m has now been spent at the Sangdong site against the project cost which
equates to approximately 13.8% of total project cost (including US$6m for guarantee fees). The lock cycle tests have all been successfully completed by Metso Outotec and they now move forward with the engineering study for the processing plant. The second payment deposit is expected to be made by Almonty in October for the mills and their delivery is still on track for January 2022.

Once Sangdong is in production from Q4 2022, Almonty is expected to produce approximately 30% of all tungsten outside of China and approximately 7-10% of global supply.

On August 5th the South Korean Government announced that it would be increasing the national stockpile which includes Tungsten from 57 days to 100 days. We are now in dialogue with the Authorities in regard to their Tungsten requirements.

Panasqueira Tungsten and Tin Mine in Portugal (Panasqueira)

The Panasqueira Tungsten and Tin Mine in Portugal has begun its transition over to renewable energy with 28% of energy currently supplied from our onsite solar installation. Reliance on renewable energy will continue to increase as further solar and wind power is brought on-line. Ultimately the company is targeting 80% of its energy use from renewable energy.

As previously outlined, as Almonty is striving to become a globally significant mining company, it is critical that we continue our strong focus on ESG. Almonty is proud of the progress made towards our ESG programme at Panasqueira and those proposed at Sangdong. All new facilities at Sangdong are designed and will be built in compliance with IFC / Equatorial Principal standards. Additionally, Sangdong power will be sourced from 100% renewable energy as the Company targets carbon neutrality.

Tungsten Price

We also note that the tungsten price has risen to US$315/MTU which is +50% higher than this time last year and a 2 year high. The Company notes estimates from brokers and third-party providers that the tungsten price is expected to be >US$350/MTU in the near term.

Please refer to a chart of the tungsten price below:

For and on behalf of the Board.

Receive Email Alerts


By providing your e-mail address & clicking Yes Please above, you are consenting to receive press releases, quarterly and annual reports, presentations and other information concerning Almonty Industries Inc.

Boerse Frankfurt
Almonty Receives Further and Final Commitments Under Previously Announced Placement

Almonty Receives Further and Final Commitments Under Previously Announced Placement

Almonty is pleased to announce that in conjunction with its March 2024 Placement, the Company has closed a fourth tranche through the sale of the previously-announced firm commitment of 3,000,000 Placement Chess Depository Interests Units (“CDIs”) at A$0.62 per unit and is scheduled to close on an additional 1,090,909 common share units at Cdn$0.55 per unit on May 23, 2024.

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 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 and under Almonty’s profile at

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 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 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.


For further information, please contact:

Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
Email: [email protected]

Pin It on Pinterest