The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. The Los Santos mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain.
https://www.businesswire.com/news/home/20200224005079/en/Almonty-Industries-Announces-KfW-IPEX-Bank-Received-Preliminary
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce that it has now received notification that the preliminary ECA cover has been issued by OeKB which is underpinning the recently announced binding commitment for the project finance loan of US$76,000,000 from KfW IPEX-Bank. Loan documents are now being drafted and prepared to move to financial closing.
Lewis Black, Chief Executive Officer of Almonty commented: “This was the final piece required to move to the execution of the loan documents. When combined with the recently announced extension to the existing hard floor 15-year offtake agreement, the Sangdong project is without doubt the most competitively financed Tungsten project in a generation and represents the strongest starting base in which to commence construction and onward to commissioning. The company considers that with all the European and Korean companies involved in this project, which represent the dream team of the Tungsten industry, the best possible start to the rebirth of the world’s largest tungsten mine is ensured.”