Business
Almonty Industries Investigating the Construction of a Vertically Integrated Nano Tungsten Oxide Downstream Processing Plant to Supply South Korean Battery Anode and Cathode Manufacturing Industry
TORONTO / Mar 30, 2022 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased t
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO / Mar 30, 2022 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce it is investigating the construction of a vertically integrated nano tungsten oxide downstream processing plant (Sangdong Downstream Extension Project) to supply the South Korean battery anode manufacturing industry and the execution of a letter of intent (LOI) for the funding of the Sangdong Downstream Extension Project with the Company’s existing debt provider, KfW IPEX-Bank, for the funding of the Sangdong Downstream Extension Project. Almonty’s Chairman, President and CEO Lewis Black commented: “The battery and semiconductor industry offers massive additional growth potential for the tungsten market and specifically for Almonty in South Korea. As the largest per capita consumer users of tungsten globally and with some of the largest semiconductor and battery manufacturers in the world located in South Korea, we are very pleased to be investigating this key growth initiative to supply the green energy revolution which should add further layers of value to the Sangdong Tungsten Mine and Almonty as a company. We are also pleased to have the continued support of KfW IPEX-Bank who have signed a LOI to provide a further US$50m of debt funding for the Sangdong Downstream Extension Project.” Sangdong Downstream Extension Project Demand for tungsten has been growing due to rising demand for semiconductors from the automotive, industrial and consumer electronics industries, powered by remote working and learning trends as well as business digitalization. The growing EV market has led to the development of new battery technologies, such as Niobium Tungsten Oxide (NWO) batteries that uses NWO anodes based on nano Tungsten Oxide Powder to improve life cycles, cost efficiency & fast charging technologies. Almonty understands that the use of nano Tungsten Oxide Powder, due to their high intrinsic density and rich framework diversity as well as heat resistance, increases the safety features of the battery. The battery industry also directly implements tungsten oxide into their formulations for anodes and cathodes. South Korea is the largest per capita consumer of tungsten worldwide, however it imports 94.7% of its tungsten oxide from China. Further, South Korea consume...