Business
Almonty Industries: Plans to Reopen Los Santos Mine Utilizing Our Flotation Technology Developed for Our Sangdong Tungsten Mine
TORONTO / May 15, 2023 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO / May 15, 2023 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce that plans are now well advanced to reopen the former producing mine in Spain, Los Santos. Los Santos has been in planned care and maintenance since 2020. Since that time, Almonty has been undertaking studies into the re-commencement of production from Los Santos via the retreating of tailings, utilizing the Company’s flotation technology developed for our Sangdong Tungsten Mine. The Company estimates that re-opening will be effective from Q3 CY2023 depending on the delivery times of some floatation plant items. Under normal conditions these items are readily available. The Company intends to retreat the tails to capture the more than 800,000 MTUS of W03 contained within our sands and torta. The overall average grade of the tails is 0.14% and was published in our latest JORC report. It is expected that earnings from reopening of the Los Santos Mine will be similar to the earnings at our existing Panasqueira production mine in Portugal. Capital expenditure is expected to be <US$1.3 million. Almonty’s Chairman, President and CEO Lewis Black commented: “We have spent a number of years refining our process for the Sangdong Tungsten Mine with the use of our pilot plant. What became apparent was the technology that we had developed that sat alongside the traditional flotation techniques could be adapted to our other sites, especially in dealing with finer material which is normally the inhibitor to treating tails commercially. We have now successfully established that our Sangdong process can commercially treat the Los Santos tails, and with a minimal amount of adjustment to the already existing flotation circuit at Los Santos, we will now begin to plan for bringing the Los Santos Mine back into production. This re-opening will not distract us from the build in South Korea, as all key members of Los Santos are still in place. We expect this plan, once enacted, to generate similar earnings to our existing Panasqueira production mine in Portugal and therefore will have a material effect to our current revenue and earnings as we continue to construct Sangdong.” About Almonty The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, proc...