Toronto - Almonty Industries Inc. ('Almonty' or the 'Company') (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce a construction and financing update in relation to its Sangdong Tungsten Mine.
As announced on 3 April 2023, construction works are continuing to progress in accordance with our construction schedule and the total amount drawn under the KfW Loan Facility now stands at US$32.3 million.
In April 2023, engineering staff from the Sangdong Tungsten Mine team and members of the EPC consortium made a field trip to Almonty's tungsten mines and processing plants in Portugal and Spain to better implement ideas and philosophy in the design and engineering of the main processing plant and pastefill plant at the Sangdong Tungsten Mine.
As national demand for the reinforcement and implementation of regulations and promotion of safety awareness has increased, the Company has conducted HSE training and has realigned the organization to focus on special safety personnel. This is aimed at exceeding national standards and enhancing the HSE standards at the mine and at the site of the Sangdong Tungsten Mine.
Almonty is pleased to advise that the installation of the new 4 MW power system, replacing the temporary 950kw system, for the mine infrastructure, was completed successfully in March 2023, without incident. The Korea Electrical Safety Corporation (KESCO) performed the pre-use inspection and issued the use certificate for the 4 MW power system. The power supply expansion is expected to provide stable power to the Sangdong Tungsten Mine's surface and underground infrastructure, thereby improving work efficiency and production.
Delivery of all long lead time equipment from Metso Outotec in Europe to South Korea is nearing completion. 99% of all equipment related to the Ball Mill and SAG Mill has arrived in South Korea. The final drive is now expected to arrive in May 2023.
All engineering plans have been finalized, and surface scalping has begun for essential pre-work to prepare the site for civil construction.
Key Equipment items including Ultra Fine Screens, Apron Feeders, Flotation Tanks are nearing completion from the manufacturer and Metso Outotec will shortly begin the process of preparing documentation for the equipment. Almonty currently estimates that 75% of the light short lead time equipment will be loaded for transport to South Korea in May 2023.
In recent months, members of the local governments as well as representatives of the Sangdong village and surrounding areas have visited the site to show continuous interest in the development status of the project and to encourage the hard work and efforts of Almonty employees.
Almonty's Chairman, President and CEO Lewis Black commented: 'Building a mine in a mature and developed democracy is a deeply engaging process which includes not only the physical build of the project but also how the project co-exists with the community and the environment both prior, during and after completion. We are building what we expect to be the largest tungsten mine outside of China with a very long mine life which will have a profound and positive affect on the local and domestic community, after decades of economic stagnation for both the South Korean domestic consumption of tungsten and the wider global tungsten market.'
'We are striving for the Sandong Tungsten Mine to be the most technically advanced of any tungsten mine in the world and the most ESG compliant and therefore the most transparent.'
'As we continue to advance the mine towards commissioning, it is now my job to ensure that the wider investing market knows more about our Tier 1 project and about this profound effect this mine will have not only in sectors such as technology - batteries, screens, semiconductors - but also defence, an area which is now significantly increasing its global importance particularly in the USA.'
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.
Contact:
Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
E-mail: info@almonty.com
ALMONTY INDUSTRIES INC. 
