Almonty Industries Inc. (TSXV:AII) announced that it has signed an engineering, procurement and construction (EPC) contract with POSCO E&C for the development works at the Korea-based Sangdong tungsten-moly mine.
As quoted in the press release:
The EPC Contract, entered into on December 28, 2017 with POSCO E&C, one of the top tier general contractors in Korea and a subsidiary of the third largest steel mill in the world, is a turnkey based contract for the development and construction of primary facilities for processing tungsten ore mined out of the Sangdong Mine. Under the EPC Contract, POSCO E&C is responsible for not only engineering, civil & architectural, machinery & electrical works of processing plant and auxiliary facilities, but also commissioning of such facilities.
Lewis Black, chairman, president and CEO of Almonty, commented:
The signing of the EPC Contract for Sangdong Mine redevelopment will be an important and meaningful step to Almonty for bringing what was historically one of the largest and lowest cost tungsten mines in the world back into production. We are particularly pleased to work with POSCO E&C which is a part of the prestigious POSCO Group.