- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Almonty Up on US$76 Million Financing for Sangdong Tungsten Mine
Almonty’s share price jumped late last month following news that it has secured US$76 million for its Sangdong tungsten mine.
Shares of Almonty Industries (TSX:AII,OTCQX:ALMTF) have been on an uptrend since the start of the year, rising more than 36 percent since January.
The company’s share price jumped late last month following news that it has secured US$76 million for the development of its Sangdong tungsten mine in Gangwon province, South Korea.
Canada-based Almonty received a binding commitment letter from German KfW IPEX-Bank for the funding to develop the project, which, according to the company’s CEO, is now in a position to be built.
“With this announcement our 100 percent owned Sangdong project will now be built,” CEO Lewis Black said. “This project will reclaim its title as the world’s largest tungsten mine and will be showcase of South Korea’s 21st century technology.”
The past-producing Sangdong mine has reserves of 7.89 million tonnes grading 0.47 percent tungsten trioxide, equivalent to 37.1 kilotonnes contained tungsten trioxide. Indicated resources sit at 8.3 million tonnes at 0.49 percent tungsten trioxide, equivalent to 40.8 kilotonnes contained tungsten trioxide.
“Sangdong is expected to be one of the largest capacity mine projects built in recent years with a design capacity of nearly 3.6 kilo tonnes per year contained tungsten,” Roskill said in a report.
China, the world’s largest producer of tungsten, accounted for more than 80 percent of mine output in 2019, or some 61,000 tonnes of contained tungsten metal, according to Roskill.
Once development construction at the mine is done, Almonty’s Sangdong will become the second largest tungsten mine in terms of capacity outside of China. The first spot is held by Masan Resources’ Nui Phao in Vietnam, which has an estimated reserve of 66 million tonnes.
In 2019, Almonty signed an offtake agreement for 10 years with company shareholder Global Tungsten and Powders for a total of 21,000 tonnes of tungsten trioxide — almost 90 percent of planned output.
Aside from Sangdong, Almonty has interests in the Los Santos mine and Valtreixal in Spain, and it owns a 100 percent interest in the Panasqueira tin-tungsten mine in Portugal.
After having a tough 2019, Almonty’s share price is back in the green. Starting the year at C$0.41, the company has made its way up to C$0.56, where it was sitting on Tuesday (February 4). Despite being a long way from its all-time high of C$1.10, reached in April 2019, the company’s share price is now far from its all-time low of C$0.22, hit in August 2017.
Image via Almonty Industries.
Don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
Priscila is originally from Buenos Aires, Argentina, where she earned a BA in Communications at Universidad de San Andres. She moved to Vancouver for the first time in 2010 and fell in love with the city. A few years after she went to London, UK, to study a MA in Journalism at Kingston University and came back in 2016. She enjoys reading, drinking coffee and travelling.
Learn about our editorial policies.