Business
Almonty Announces Receipt of the First Drawdown Amount of US$12,818,081 With the Next Drawdown of US$4,840,524 Now Scheduled for August 11, 2022
TORONTO / Jul 28, 2022 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) today announ
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO / Jul 28, 2022 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) today announced receipt of the first drawdown of US$12,818,081 on the KfW-IBEX Bank US$75.1 million project financing loan facility. Lewis Black, Chief Executive Officer of Almonty commented: “The Company has achieved its target of securing and deploying a tier 1 loan for its tier 1 tungsten project. Work will now accelerate at the Company’s Sangdong Mine site in Sangdong, South Korea. Our Sangdong mine will secure Western supply of the critical metal tungsten for many decades to come. The drawdown of this loan marks the key turning point for the Company and we can now return to rapid growth to cement our dominance within the Western Tungsten sector both in concentrate production and soon as the only Western downstream producer. In addition, Sangdong hosts a very rich Molybdenum resource. As recently announced, we will concurrently move to further strengthen our knowledge and planning for the Almonty Korea Moly deposit/project and are well positioned for the domestic Korean Moly market being the 4th largest importer of Moly in the world. Almonty is also exploring several safe jurisdiction growth opportunities. Our Moly project also presents some unique domestic supply chain opportunities and will be well supported in-country.” About Almonty 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, is 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...