Business
Almonty Industries Inc. Announces the Commencement of Its Corporate and Board Restructuring to Shift Its Focus Toward Korea
TORONTO / Jan 13, 2021 / Business Wire / Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the first two new
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO / Jan 13, 2021 / Business Wire / Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to announce the first two new additions to our team as the Company begins its transition toward a much greater focus on Korea and the greater Asian and Australian financial markets. These appointments will become effective February 1st, 2021. Firstly, we would like to welcome to our Board of Directors Mr. James Kim. Mr. Kim is the current Chairman and CEO of the American Chamber of Commerce Korea (AMCHAM) and was previously the Head of Operations for General Motors Korea, managing some 17,000 employees. This followed his role as CEO of Microsoft Korea. Additionally, we would like to also welcome Mr. John Yi as our President at Almonty Korea Tungsten. Mr. Yi joins us directly from being the current President of US defense contractor, Raytheon Korea, and was formerly VP at Rolls-Royce in Korea. Almonty’s Chairman, President and CEO Lewis Black commented: “The appointments of Jim and John represent only the first of many steps of the corporate and Board restructuring of the Company as we transition to center around two of the world’s most significant deposits in both Tungsten and Molybdenum. Given Korea is the world’s largest consumer of Tungsten per capita, and the third largest consumer of Molybdenum,, Korea will ultimately become the primary base of the Company and increasing our market presence in Asia and Australia will now become a central strategy for the incoming team. As stated in the last release, the Company will return to its growth strategy now that the KfW-IPEX loan has been executed. We will reposition our corporate team into Korea and raise our Australasian market profile.” 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 s...