![\"Lewis](\"\/wp-content\/uploads\/2023\/10\/Lewis-Black-Almonty.png\")
Lewis Black, President and Chief Executive Officer of Almonty<\/strong><\/em><\/p>\nEDITORS’ NOTES: Lewis Black is a Director, President, and Chief Executive Officer of Almonty Industries. Born in London, Black attended Manchester University and earned a BA degree in management and technology before joining a global insurance firm upon graduating. His career later shifted toward a focus on mining, and he has since accumulated more than 15 years of experience within the industry. Prior to Almonty\u2019s founding in 2011, Black served as head of sales and marketing for SC Mining Tungsten, Thailand. He also held the roles of chairman and chief executive officer of Primary Metals Inc. (\u201cPMI\u201d), a former TSX-V listed tungsten mining company, between June 2005 and December 2007. As the founder of Almonty, Black has overseen the company\u2019s rise to prominence as one of the foremost providers of tungsten within the global supply chain. Because of the dual high demand for tungsten and the difficulty associated with procuring it, Almonty and Black are highly sought-after for their expertise and access to the precious, widely used metal.<\/em><\/p>\n [\/et_pb_text][et_pb_text admin_label=”News Release Text” _builder_version=”4.8.0″ text_font=”||||||||” text_font_size=”13px” text_line_height=”1.5em” custom_margin=”50px||50px|||” hover_enabled=”0″ text_font_size_tablet=”17px” text_font_size_phone=”13px” text_font_size_last_edited=”on|phone” z_index_tablet=”500″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” sticky_enabled=”0″]<\/p>\n COMPANY BRIEF: Almonty Industries (almonty.com) specializes in acquiring distressed and underperforming operations and assets in tungsten markets. These then benefit from the company\u2019s in-house operational experience and expertise in the tungsten market. Highly regarded as a hands-on, turnaround investor-operator, Almonty is an expert at overseeing projects regarded as too complex or difficult for the average, pure \u201cfinancial investor.\u201d To date, the results of its acquisitions have been fast and very profitable turnarounds. Almonty is actively pursuing other growth opportunities via acquisitions where it can apply its tungsten expertise to create additional value for all stakeholders.<\/em><\/p>\n [\/et_pb_text][et_pb_text module_class=”mobile-center” _builder_version=”4.8.0″ text_font_size=”16px” text_line_height=”1.6em” hover_enabled=”0″ text_font_size_tablet=”17px” text_font_size_phone=”14px” text_font_size_last_edited=”on|phone” z_index_tablet=”500″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” sticky_enabled=”0″]<\/p>\n An Interview with Lewis Black, President and Chief Executive Officer, Almonty Industries <\/em><\/strong><\/span><\/p>\n <\/em><\/strong><\/span><\/p>\n <\/em><\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||” header_3_font_size_tablet=”” header_3_font_size_phone=”18px” header_3_font_size_last_edited=”on|phone”]<\/p>\n Will you highlight the history of Almonty Industries and how the company has evolved?<\/strong><\/p>\n I founded Almonty Industries in 2011 after spending a few years working in the mining sector. I had the opportunity to focus on tungsten early on and became intimately familiar with its integral place in defense and consumer products as well as the rigid challenges that come with extracting it.<\/p>\n Our first acquisition was the Los Santos mine in the Salamanca province of Spain. Today, we also operate the Valtreixal deposit situated further north in Spain along with a site in Portugal. The Portuguese mine, Panasqueira, has actually been in more or less continuous operation for 126 years and is staffed by fifth-generation tungsten miners. While we\u2019ve modernized much of the mining process and implemented stricter safety standards since it has come into our possession, we also rely on the knowledge that our staff brings which can only come from five generations of refining the mining process. That level of skill and familiarity is irreplaceable.<\/p>\n We are also in the process of reopening the Almonty Korea Tungsten Project (the Sangdong mine) in South Korea. This is a particularly exciting undertaking as it is one of the largest tungsten mines in the world and stands to substantially shift the politics involved with securing tungsten, as much of the global supply is sourced from China and Russia.<\/p>\n<\/blockquote>\n <\/p>\n Lewis Black – President & CEO, Almonty Industries<\/strong><\/em><\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n How do you define Almonty Industries\u2019 mission and purpose?<\/strong><\/p>\n Our primary aims are to address the rising global demand for tungsten by expanding the places it\u2019s collected from and to elevate the methodology for mining to make it comparable to our competitors. Tungsten is a finite resource that happens to be extraordinarily difficult to process. Sourcing it requires assets, patience, and expertise, all of which Almonty happens to have in abundance. Unlike other mining companies, we specialize in a single commodity which has led to us succeeding where many others have failed when it comes to mining tungsten. We\u2019re fortunate to have an institutionalized knowledge of this metal, and with it, a well-founded base upon which we can refine our process. Almonty has been able to compete with veteran suppliers from China because we\u2019ve developed the best operational team in the world. Capacity-wise, we\u2019ve been able to hone our mining operations to a point where we have the bandwidth to delicately navigate regulation considerations and potential areas for innovation and investments as well.<\/p>\n By opting for the specialist route over the jack-of-all-trades, master-of-none path, we\u2019ve managed to get very good at doing a single thing really well. That\u2019s the reason we\u2019ve remained competitive and why we are well-situated to continue growing.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n Where do you see the greatest opportunities for growth for Almonty and how will acquisitions fit into the equation?<\/strong><\/p>\n Acquisitions don\u2019t factor heavily into our plans for expansion\u00a0\u2013 our forward momentum will come from internal growth as we develop the Sangdong mine in South Korea, which will in turn be fueled by the increasing geopolitical tensions we are all witnessing firsthand on a daily basis.<\/p>\n Almonty\u2019s potential for growth is also dependent on the increasing government pressure surrounding strategic and critical metals along with the corresponding capital that is becoming available for them. Both the U.S. government and the European Union are now being extremely proactive in procuring alternate sources of supply, and as Almonty is the last man standing in tungsten mining, I anticipate that we will remain in extensive dialogues with both governments.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n Will you discuss the critical role of tungsten in the defense sector?<\/strong><\/p>\n Roughly 12% of all tungsten is used in service of defense initiatives. Given the supply chain woes of the last few years, escalating geopolitical anxieties, and the relatively limited supply of tungsten, having control over how much of it is shipped and at what cost is a decisive position for any government, outwardly aggressive or otherwise, to be in.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n You mentioned that Almonty is on the verge of reopening the Almonty Korea Tungsten Project (the Sangdong mine), which hosts one of the world\u2019s largest tungsten deposits and has the potential to produce a considerable percentage of the world\u2019s supply. How do you describe the impact the Almonty Korea Tungsten Project could have on a macro level?<\/strong><\/p>\n Operating at full capacity, the Sangdong mine could produce somewhere in the region of 15 percent of the world\u2019s supply. It\u2019s really the only viable, historically established source of tungsten that has emerged in the last decade. In terms of grade and size, few states have any long-term deposits with as proven of a track record as this particular mine has. Usually, the economic feasibility of resources is largely determined by reserves and quality. The average quality of the Chinese tungsten mine is 0.18 percent, while the quality of the Sangdong mine is 0.45 to 0.50 percent, which is the highest level and more than 2.5 times the global average. It is also competitive compared to other mines around the world in the production cost sector estimated based on the business feasibility model of Sangdong Mine. You would have to look to Russia or China for any comparable operations of this scale\u00a0\u2013 with that in mind, the Sangdong mine is positioned to have a profound effect on diluting Western consumers\u2019 dependency on outside sources for obtaining tungsten products and can allow U.S. manufacturers to avoid high tariffs on U.S.-imposed Chinese imports.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n How is Almonty committed to sustainable mining practices?<\/strong><\/p>\n It is our hope that regulatory bodies will recognize the need to balance the very pressing environmental concerns that ESG rules are meant to address alongside the geopolitical realities of 2023. As it pertains to mining, innovation that results in cleaner, safer practices is an unambiguously good thing. In order to stay ahead and remain competitive, mining companies should be exploring any and all avenues they have for incorporating more sustainable procedures.<\/p>\n With that said, the present clamor for tungsten in conjunction with long-standing regulations for both maintaining mines and establishing new ones can make it exceedingly challenging to enact immediate, meaningful changes. It\u2019s our hope that as we engage in talks with entities like the U.S. and the EU that we\u2019ll be able to devise practical sustainable practices that can be implemented effectively.<\/p>\n I feel strongly that an effective solution from a high-level perspective would be government-provided offtakes, loans, and subsidies. Incentivizing producers with additional access to state capital that could actually be put toward sustainable initiatives\u00a0\u2013 rather than asking them to materialize the necessary funds out of the ether\u00a0\u2013 could potentially address the myriad concerns of all involved parties.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n What are your views on the importance of secure supply chains for critical minerals?<\/strong><\/p>\n As we\u2019ve all seen and personally felt, the last few years have raised serious questions about the effectiveness of the global supply chain as it\u2019s currently constructed. In addition to the shipping issues brought about by COVID, the war in Ukraine and ensuing measures taken against Russia have critically undermined the traditional wisdom around sanctions. Despite attempts to shut Russia out of the market, the country\u2019s exports\u00a0\u2013 tungsten being among them\u00a0\u2013 have still managed to enter circulation. Rather than going through the EU as it once would have, now it\u2019s processed through China. It\u2019s not a global supply chain: it\u2019s a competing jurisdictions supply chain.<\/p>\n Given all of these well-documented problems and growing tensions among adversarial players, the need to reconfigure and bolster the supply chain\u2019s security has never been stronger. If governments intend on being serious about protecting their defensive and economic assets, a major diversification in structure is sorely needed.<\/p>\n The EV battery manufacturing market is as fierce as ever with demand rapidly growing. Through all of this, it is worth noting that there are three major companies from South Korea, LG Energy Solution, Samsung SDI, and SK Innovation, making South Korea the second largest EV battery manufacturer. Unfortunately, manufacturers in South Korea have high reliance on Chinese tungsten in terms of supply chain. The tungsten reservoir that is the Sangdong Tungsten Mine will provide a shelter from the tightening supply influenced by various factors such as the pandemic, inflation, and Russia-Ukraine war. The Sangdong Tungsten Mine is ready to offer an opportunity to supply institutions and related industries with high-grade tungsten, at an affordable price, with a stable supply chain and well-established logistics systems.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n Will you provide an overview of the geopolitical risks and defense implications of the tungsten industry?<\/strong><\/p>\n Well, the supply chain concerns are directly intertwined with the geopolitical and defense considerations. Tungsten is mainly sourced from Russia and China and in the event either one of them chose to restrict their tungsten exports\u00a0\u2013 whether by cutting off supplies or manipulating pricing\u00a0\u2013 the rest of the world would have little in the way of alternatives for acquiring tungsten.<\/p>\n This tension is exacerbated by the present conflict between Russia and Ukraine. Tungsten is a crucial material for munitions production, and the West has largely lost the manufacturing infrastructure it once had. Now, entities have not only found themselves purchasing tungsten from adversarial forces, but are doing so with the intention of weaponizing it against the very people they bought it from in the first place.<\/p>\n Beyond the overt strangeness of this dynamic, the current situation is an effective, if unfortunate, illustration of tungsten\u2019s importance and the risks of relying on competing powers for essential materials.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n What do you see as the keys to effective leadership and how would you characterize your management style?<\/strong><\/p>\n As for my own management style, I would say that I lean more toward a blue-collar approach rather than a white-collar one in terms of how I operate. That\u2019s mainly a reflection of the people I work with. I\u2019m largely dealing with a group of predominantly male, tough-as-nails, hard-drinking, chain-smoking guys who don\u2019t suffer fools gladly.<\/p>\n Almonty\u2019s miners risk their lives navigating a hazard-heavy occupation and, even though we operate at extremely high safety levels, it\u2019s still a very dangerous job to go underground and work the mines. It\u2019s not risky like it used to be, but you have to have a certain personality to be able to tolerate the conditions of the job. Picture it: you\u2019re in a pitch-black environment where it\u2019s so dark that if you try to put your hand in front of your face, the only way you\u2019ll know for certain it\u2019s there is by feeling the warmth of your palm against your nose; you can\u2019t see it. Plus, there\u2019s no shortage of dust and it smells of diesel because of ventilation. So, for many, it\u2019s a very alien, claustrophobic environment.<\/p>\n Needless to say, I work with tough guys, and they demand respect. If they don\u2019t like their manager, they won\u2019t work for them because they\u2019ll feel their lives are at risk. It is vital that there is a shared, sincere respect between all parties. If I go in and give them a speech about something totally removed from their lives and on-the-job experience, they\u2019re going to look at me like I\u2019m out of my mind. I need to project that I\u2019m cognizant of the procedures for operating their equipment as well as the geology and metallurgy concerning tungsten; they can\u2019t trip me up.<\/p>\n In order to navigate all of that, you have to earn the respect of the team and of your colleagues who essentially risk their lives on a daily basis. It\u2019s a very different dynamic from how corporate management traditionally operates. For all intents and purposes, the people I work with don\u2019t check my manicure\u00a0\u2013 they check my fists; they want to know that my hands have calluses, not manicured nails. Ultimately, you\u2019ve got to be someone who\u2019s not afraid to get their hands dirty. It\u2019s one of the last careers or businesses where that\u2019s really required.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_text _builder_version=”4.8.0″ _module_preset=”default” header_3_font=”||on||||||” header_3_text_color=”#BC222F” header_3_line_height=”1.4em” custom_margin=”||35px|||”]<\/p>\n What are your priorities for Almonty as you look to the future?<\/strong><\/p>\n Down the line, if our legacy as a company winds up being that we effectively preserved the last options for mining tungsten in transparent jurisdictions, then I think we\u2019ll have done a great job. We\u2019ve already revitalized the knowledge around the practice of extracting and processing tungsten that seemed to have all but died out in the ’80s and early ’90s, so that\u2019s been a commendable effort. Once mining at the Sangdong site is properly underway, we\u2019ll have the ability to both preserve that knowledge and actively apply it in a working environment. Naturally, our mines in Spain and Portugal will continue operating as they have for some time now, but there\u2019s enough raw material housed within the South Korean project for it to go on for more than 100 years. I think it\u2019s significant for that knowledge to continue for another three generations\u00a0\u2013 in my estimation, that\u2019s something worth celebrating, because once it\u2019s gone, it\u2019s gone. There\u2019s no specialized school you can go to; nobody runs courses on excavating tungsten, and the books that exist are spurious at best. I think Almonty\u2019s future lies in our continued ability to deliver on the essential and singular service we provide, namely, preserving the knowledge around processing an immeasurably valuable and extremely difficult to extract metal.<\/p>\n<\/blockquote>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/www.leadersmag.com\/issues\/2023.4_Oct\/PDFs\/LEADERS-Lewis-Black-Almonty.pdf” url_new_window=”on” button_text=”DOWNLOAD A PDF OF THIS INTERVIEW” button_alignment=”center” disabled_on=”on|on|off” _builder_version=”4.8.0″ custom_button=”on” button_bg_color=”#bc222f” button_font=”||||||||” button_icon=”%%266%%” button_on_hover=”off” background_layout=”dark” button_text_size_tablet=”16px” button_text_size_phone=”” button_text_size_last_edited=”on|phone” custom_css_main_element=”width:100%;” button_bg_color__hover_enabled=”on” button_bg_color__hover=”#aa1e2a” button_bg_enable_color__hover=”on”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row use_custom_gutter=”on” gutter_width=”2″ _builder_version=”4.8.0″ custom_margin=”50px||||false|false” custom_padding=”0px||0px||false|false” saved_tabs=”all”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.3″ _module_preset=”default” header_3_font=”Oswald||||||||” text_orientation_tablet=”” text_orientation_phone=”center” text_orientation_last_edited=”on|phone” border_width_bottom=”1px”]<\/p>\n [\/et_pb_text][et_pb_blog fullwidth=”off” posts_number=”3″ include_categories=”current” show_author=”off” show_date=”off” show_categories=”off” show_excerpt=”off” show_pagination=”off” module_id=”ewd_latest_news” _builder_version=”4.7.3″ _module_preset=”default” header_font_size=”16px” header_line_height=”1.2em” custom_padding=”||0px|||” header_font_size_tablet=”15px” header_font_size_phone=”14px” header_font_size_last_edited=”on|tablet” header_line_height_tablet=”1.4em” header_line_height_phone=”” header_line_height_last_edited=”on|phone” text_orientation_tablet=”center” text_orientation_phone=”” text_orientation_last_edited=”on|tablet” border_width_all=”0px”][\/et_pb_blog][et_pb_divider color=”#000000″ divider_position=”center” disabled_on=”on|on|off” module_class=”al-line” _builder_version=”3.24.1″ custom_margin=”0px||29px||false|” custom_padding=”15px||10px||false” custom_css_main_element=”||” global_module=”2360″ saved_tabs=”all”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.24.1″ custom_margin=”20px||” custom_padding=”0px||27px|||” z_index_tablet=”500″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”About Almonty” module_class=”mobile-center” _builder_version=”3.27.4″ text_font=”||||||||” text_font_size=”16px” text_line_height=”1.5em” header_font=”||||||||” header_3_font=”Oswald||||||||” text_font_size_tablet=”17px” text_font_size_phone=”17px” text_font_size_last_edited=”on|phone” z_index_tablet=”500″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”]<\/p>\n 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.<\/p>\n The Los Santos Mine\u00a0was 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.<\/p>\n The Sangdong mine, which was historically one of the\u00a0largest 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.<\/p>\n Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain.<\/p>\n Further information about Almonty\u2019s activities may be found at www.almonty.com and under Almonty\u2019s profile\u00a0at www.sedar.com<\/a>.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”||0px|||”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_divider color=”#000000″ divider_position=”center” module_class=”al-line” _builder_version=”3.24.1″ custom_margin=”0px||15px||false” custom_padding=”15px||10px||false” custom_css_main_element=”||”][\/et_pb_divider][et_pb_text admin_label=”Legal & Disclaimer” _builder_version=”3.27.4″ header_font=”||||||||” header_3_font=”Oswald||||||||” header_3_text_color=”#333333″ header_3_font_size=”18px” z_index_tablet=”500″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”]<\/p>\n 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.<\/em><\/p>\n <\/em><\/p>\n When used in this press release, the words \u201cestimate\u201d, \u201cproject\u201d, \u201cbelief\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cexpect\u201d,\u00a0\u201cplan\u201d, \u201cpredict\u201d, \u201cmay\u201d or \u201cshould\u201d and the negative of these words or such variations thereon or comparable\u00a0terminology are intended to identify forward-looking statements and information. These statements and\u00a0information are based on management\u2019s beliefs, estimates and opinions on the date that statements are made and\u00a0reflect Almonty\u2019s current expectations. Forward-looking statements in this press release include, but are not limited to, statements regarding the\u00a0expected use of proceeds of the Debenture Offering. The forward-looking statements and information in this\u00a0press release include information relating to the intentions of management. Such statements and information\u00a0reflect the current view of Almonty with respect to risks and uncertainties that may cause actual results to vary.\u00a0Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may\u00a0cause the actual results, level of activity, performance or achievements of Almonty to be materially different\u00a0from those expressed or implied by such forward-looking statements, including but not limited to: the receipt of\u00a0all required approvals, unanticipated costs and expenses, general market and industry conditions and perational Forward-looking statements are based on assumptions management believes to be reasonable, including but not\u00a0limited to, the receipt of all required final approvals, no unanticipated delays in the project financing, no\u00a0material unanticipated costs and expenses, no material adverse change in general market and industry conditions\u00a0and no unanticipated material operational risks, including large project risk and contractual factors, no material\u00a0adverse change in the market price of APT, the continuing ability to fund or obtain funding for outstanding\u00a0commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable\u00a0laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable\u00a0terms, 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\u00a0materially from those contained in forward-looking statements, there may be other factors that cause results,\u00a0level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no\u00a0assurance that forward-looking statements will prove to be accurate and even if events or results described in the\u00a0forward-looking statements are realized or substantially realized, there can be no assurance that they will have\u00a0the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on\u00a0forward-looking statements and are cautioned that actual outcomes may vary. Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that\u00a0the foregoing list of material factors is not exhaustive. When relying on Almonty\u2019s forward-looking statements\u00a0and information to make decisions, investors and others should carefully consider the foregoing factors and\u00a0other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information\u00a0to 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\u00a0items or factors.<\/em><\/p>\n THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE\u00a0REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE\u00a0AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT\u00a0PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT\u00a0RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT\u00a0TO DO SO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR\u00a0TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.\u00a0<\/em><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Contact Text” _builder_version=”3.27.4″ header_font=”||||||||” header_3_font=”Oswald||||||||” header_3_font_size=”18px” z_index_tablet=”500″ text_text_shadow_horizontal_length_tablet=”0px” text_text_shadow_vertical_length_tablet=”0px” text_text_shadow_blur_strength_tablet=”1px” link_text_shadow_horizontal_length_tablet=”0px” link_text_shadow_vertical_length_tablet=”0px” link_text_shadow_blur_strength_tablet=”1px” ul_text_shadow_horizontal_length_tablet=”0px” ul_text_shadow_vertical_length_tablet=”0px” ul_text_shadow_blur_strength_tablet=”1px” ol_text_shadow_horizontal_length_tablet=”0px” ol_text_shadow_vertical_length_tablet=”0px” ol_text_shadow_blur_strength_tablet=”1px” quote_text_shadow_horizontal_length_tablet=”0px” quote_text_shadow_vertical_length_tablet=”0px” quote_text_shadow_blur_strength_tablet=”1px” header_text_shadow_horizontal_length_tablet=”0px” header_text_shadow_vertical_length_tablet=”0px” header_text_shadow_blur_strength_tablet=”1px” header_2_text_shadow_horizontal_length_tablet=”0px” header_2_text_shadow_vertical_length_tablet=”0px” header_2_text_shadow_blur_strength_tablet=”1px” header_3_text_shadow_horizontal_length_tablet=”0px” header_3_text_shadow_vertical_length_tablet=”0px” header_3_text_shadow_blur_strength_tablet=”1px” header_4_text_shadow_horizontal_length_tablet=”0px” header_4_text_shadow_vertical_length_tablet=”0px” header_4_text_shadow_blur_strength_tablet=”1px” header_5_text_shadow_horizontal_length_tablet=”0px” header_5_text_shadow_vertical_length_tablet=”0px” header_5_text_shadow_blur_strength_tablet=”1px” header_6_text_shadow_horizontal_length_tablet=”0px” header_6_text_shadow_vertical_length_tablet=”0px” header_6_text_shadow_blur_strength_tablet=”1px” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px”]<\/p>\n Lewis Black<\/strong> 100 King Street West [\/et_pb_text][et_pb_divider color=”#000000″ divider_position=”center” module_class=”al-line” _builder_version=”3.24.1″ custom_margin=”0px||15px||false” custom_padding=”15px||10px||false” custom_css_main_element=”||”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n<\/span>","protected":false},"excerpt":{"rendered":" LEADERS Magazine October, November, December 2023 Volume 46, Number 4: An interview with Lewis Black, President and Chief Executive Officer, Almonty Industries on Tungsten Mining.<\/p>\n","protected":false},"author":1,"featured_media":6442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[11,3],"tags":[38],"yoast_head":"\n![\"Almonty](\"\/wp-content\/uploads\/2019\/06\/favicon.png\")
Almonty Industries Inc.<\/strong><\/em><\/p>\n
Full publication is available here<\/span><\/a><\/em><\/strong><\/span><\/p>\n![\"LEADERS](\"https:\/\/almonty.com\/wp-content\/uploads\/2023\/10\/LeaderMagazine2.jpg\")
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\u201cDown the line, if our legacy as a company winds up being that we effectively preserved the last options for mining tungsten in transparent jurisdictions, then I think we\u2019ll have done a great job.\u201d<\/strong><\/h3>\n
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![\"Korea](\"\/wp-content\/uploads\/2023\/07\/KoreaTelecom-Almonty-300x157.jpg\")
We pride ourselves on standing alone in a highly niche but incredibly important field. Tungsten is pervasively used but hard to come by, although it\u2019s a key component in critical, universally adopted products like cell phones, microchips, and automobiles, as well as defense, and it can only be sourced from an extremely limited range of locations.<\/p>\n\n
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![\"Tungsten](\"https:\/\/almonty.com\/wp-content\/uploads\/2023\/10\/Tungsten_UV_Light-300x225.png\")
Tungsten is a key material for manufacturing defense equipment. It\u2019s widely used in manufacturing automotive parts and aerospace apparatuses\u00a0\u2013 along with munitions\u00a0\u2013 so it\u2019s an essential resource for military purposes.<\/p>\n\n
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![\"Drilling\"](\"https:\/\/almonty.com\/wp-content\/uploads\/2023\/10\/20201103_Drilling-226x300.png\")
I think effective leadership is measured first and foremost by examining whether or not the person in charge can execute the plans that are laid down within the company. It\u2019s only right that a manager\u2019s effectiveness should be assessed based on their ability to deliver on their own projections.<\/p>\n\n
Latest News<\/h3>\n
About Almonty<\/h3>\n
Legal Notice<\/em><\/h3>\n
Disclaimer for Forward-Looking Statements<\/em><\/h3>\n
<\/em><\/p>\n
risks, including large project risk and contractual factors, any specific risks relating to fluctuations in the price of ammonium para tungstate (\u201cAPT\u201d) from which the sale price of Almonty\u2019s tungsten concentrate is derived,\u00a0actual results of mining and exploration activities, environmental, economic and political risks of the\u00a0jurisdictions in which Almonty\u2019s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty\u2019s business, credit and liquidity risks, hedging risk,\u00a0competition in the mining industry, risks related to the market price of Almonty\u2019s shares, the ability of Almonty\u00a0to retain key management employees or procure the services of skilled and experienced personnel, risks related\u00a0to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown\u00a0defects 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\u00a0 operations of\u00a0Almonty, risks relating to exploration, development and operations at Almonty\u2019s tungsten mines, the ability of\u00a0Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws,\u00a0regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty\u2019s\u00a0mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production\u00a0estimates from Almonty\u2019s mining operations, inability to replace and expand mineral reserves, uncertainties\u00a0related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty,\u00a0challenges related to global financial conditions, risks related to future sales or issuance of equity securities,\u00a0differences in the interpretation or application of tax laws and regulations or accounting policies and rules of the\u00a0TSX.
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<\/em><\/p>\nFor further information, please contact:<\/h3>\n
Chairman, President and CEO
Telephone:<\/strong> +1 647-438-9766<\/a>
E-mail:<\/strong> info@almonty.com<\/a><\/p>\nThe head office of Almonty is:<\/h3>\n
Suite 5700
Toronto, Ontario
M5X 1C7<\/p>\n