Almonty Industries has still not released their Dec 2024 quarter. This is now over a month late.
The US Geological Survey department puts out monthly reports for different minerals. It includes the country of import and the type and how many tonnes were imported. Almonties' only production is from Portugal.
As can be seen below the US imported from Portugal:
Sept 2024: 12 tonnes of Ore and concentrate
Oct 2024: 36 tonnes of Ore and concentrate
Nov 2024:24 tonnes of Ore and concentrate
Dec 2024:0 tonnes of Ore and concentrate
Panasqueira has been running into issues regarding pay disputes with its workers and environmental impacts. Have these finally impacted production?
The problem with running a mine for 135+ years is eventually the parts need replacing. When did Almonty last do a major update to the Panasqueira gear?
Here are some quotes from local Portuguese newspapers from early 2024.
-----“The union considers the 6% increase to be "much lower" than what was demanded and refers to Almonty's "investments of 150 million" abroad. The director disputes that the company has to "be profitable".” So while Lewis is telling the world their mines always make money he is telling the workers sorry we are not profitable therefore we can not increase your pay.
“Either the strike is called off by Monday morning, or we withdraw the entire proposal and begin the lay-off process ,” said the administrator of Beralt Tin and Wolfram in statements to the Lusa news agency this Thursday.
According to António Corrêa de Sá, “there is no chance of keeping the mine working” and, if the miners, on strike since the 14th during the first three hours of each shift, do not back down, the company will no longer be able to “fulfill its commitments” and, “without sales, there is no money”.
“We have reached a situation where we cannot cope with this. We have stopped fulfilling our contracts, we have no sales, we have no money,” replied the administrator.
“The washing plant cannot stop and start, it damages the equipment. Concentrate production is minimal, we will not be able to meet our commitments”, lamented the administrator of Beralt, the company that owns the tungsten mines in the south of the municipality of Covilhã, district of Castelo Branco, owned by the Canadian group Almonty.
In addition to the salary increase, workers are demanding better hygiene and safety conditions at work
------There are also many ongoing environmental concerns due to the mine being in a town. Almonty will need to continue to address its environmental needs which are only ever growing. They have taken some mitigation actions but there will be more.
Does anyone know what the current status of Panasqueira is? No quarterly, No december imports to USA from Portugal. Is the problem Lewis spoke of in regard to the need to raise capital to solve a problem in the last presentation related to Panasqueira?
GLTA
(20min delay)