Almonty Industries Inc. (TSX-V:AII) (“Almonty”) is very happy to announce that its fully owned subsidiary, Beralt Tin and Wolfram (Portugal) S.A., which operates the Panasqueira Tungsten Mine in Portugal, has reached a comprehensive agreement with Crominet Mining Processing SA (PTY) Ltd. (“Crominet”), which is expected to result in an increase to its overall recovery.
As quoted in the press release:
Almonty’s Chairman, President and CEO Lewis Black said:
“We anticipate that this agreement with Crominet will allow us to enhance productivity at Panasquiera and this contribute to improved financial performance. We continue to work with Crominet to assess all our current projects in Spain, Australia and Korea in regard to efficient reprocessing of our tailings. Crominet have expressed that they are extremely comfortable in working with what they consider to be an extremely professional and knowledgeable Tungsten team at Almonty. In addition, the conclusions of the updated technical report at the Wolfram Camp Mine equally are expected to drive further efficiency of production. These represent further measures deployed by Almonty to provide for increased efficiency in its operations which has allowed us to weather the down-turn in pricing for tungsten concentrate.”