Almonty Industries Acquires Panasqueira Tungsten Mine

Almonty Industries Inc. (TSXV:AII) announced that it’s acquired 100-percent of Beralt Ventures Inc. from Sojitz Tungsten Resources Inc., gaining access to the “various rights and interests comprising the Panasqueira tungsten mine” located in Portugal.
As quoted in the press release:

Almonty acquired 100% of the shares of BVI for €1.00 and purchased €12,260,000 in aggregate principal amount of debt owed by Sojitz Beralt Tin & Wolfram (Portugal), S.A., a wholly-owned subsidiary of BVI, to Sojitz Corporation of Japan in exchange for a cash payment of €1,000,000 on closing and a promissory note issued by Almonty in the principal amount of €500,000, bearing interest at 4% per annum, maturing December 29th, 2017.

Lewis Black, president and CEO of Almonty, commented:

We are pleased to have concluded the acquisition of Panasqueira, a mine well known to the Almonty team. This acquisition furthers our goal of becoming the leading producer of tungsten concentrate outside of China with assets located in secure, mining friendly, jurisdictions and adds significantly to both our tungsten reserves and resources as well as deepens our expertise in the sector with the addition of a top quality tungsten mining and metallurgical team.

Click here to read the full Almonty Industries Inc. (TSXV:AII) press release.