Lewis Black, Chief Executive Officer of Almonty commented: “Our Tungsten knowledge base at Panasquiera continues to support itself whilst the team manages the project build and later operations at Sangdong. The Road and River diversion is now entirely complete. Site levelling preparation is under way for the grinding and flotation areas. Over $18m has already now been deployed toward project costs. The crusher and mills are on schedule for delivery to site within 3 months. The draw down for the US$75,100,000 loan from KFW is expected to commence imminently. Most importantly is that the profile of the mine and its development is now increasing on a national level given the South Korean Government’s push for supply diversity in response to the UREA crisis gripping the country. According to the Korea International Trade Association, 94.7% of all Tungsten imported into South Korea for semiconductor and battery manufacturing is from China and the focus in the media has been the reactivation of the Sangdong mine which will account when open for 30% of worldwide non-Chinese supply. Sangdong was previously called the “largest Tungsten producer in the free world” prior to its closure in 1992 and the media reporting in South Korea is once again quoting this title and its significance for domestic Korean semiconductor and battery manufacturers such as LG, Samsung and SK.”
AII Price at posting:
$1.03 Sentiment: Hold Disclosure: Held
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