Almonty Industries Signs Clearance and Development Contract

Almonty Industries (TSXV: AII), recently signed a series of contracts for site clearance, demolition and mine development work at the company’s wholly-owned Sangdong tungsten and molybdenum mine in South Korea.

As quoted in the press release:

“The contract of the site clearance work is clearly the first step in the commencement of the long awaited development of the Sangdong Mine. We are delighted to start the physical construction work for bringing what was once the largest tungsten producing mine in the world back to life.  We are also pleased to enter into the Mine Development Contract with one of the most skilled and competent mining contractors in Koreas. Gangwon Mining’s exceptional and excellent saftey record will help us to develop the Sangdong Mine in the most cost-efficient way and under the utmost safety.

With the commencement of site clearance and mine development works, we believe that Sangdong will be in production in Q1 of calendar 2020 as scheduled,” Chairman, CEO and president Lewis  Black said.

Click here to read the full press release