Business
Almonty Industries Inc. Announces an End-of-Year Christmas Update
TORONTO / Dec 14, 2020 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO / Dec 14, 2020 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce an end-of-year update. Almonty Korea Tungsten Sangdong project – After the previously announced execution of the loan agreements, the Company wishes to update the market on its current status. The Monty B portal has been completed on time and was increased from 120m to 131.1m. The office/Laboratory has also been completed on time. The phase 2 mine development of 600m will commence this week and the Company is now discussing with Metso the ordering procedure and protocols for the long lead time crushing equipment. Metso are currently with members of the Almonty team in Portugal concluding the lock cycle process tests which will then enable Metso to finalize their engineering study of the flotation plant. The crushing engineering study was finalized 6 months ago. Los Santos mine - With the increasing Tungsten prices in the past couple of weeks and the expected aggressive price increases expected in 2021 due to replenishments of inventories and a supply deficit, the Company is now preparing Los Santos to reactivate the tailings processing section of the plant. A recent report by the head of global commodities research at Goldman Sachs, Mr. Jeffrey Currie, on December 8th has merely added to our confidence in pricing in 2021. Panasqueira mine – Production rates will be maintained in 2021 and this mine will continue to produce the highest-grade Wolframite available in the market backed by the highest recovery rate of any Tungsten gravity plant in the world. The sheer depth of Tungsten and Tin understanding contained in this project’s fifth generational team makes them the global leader in Tungsten/Tin expertise. This depth of knowledge has enabled the Company to approach our Sangdong project with a high degree of successful certainty and this was a deciding factor in KFW/Plansee supporting the build so convincingly. Valtreixal – The permit process is on going as foreseen, but regrettably the Covid crisis in Spain has slowed the progress. We now expect a further 3 months' delay until permits are finalized. However, given its low operational cost and extremely high tin content (30%), Valtreixal will be a much welcomed addition to our portfolio once operational. Almonty Korea Mol...