Business
Almonty Industries Provides Sangdong Mine Construction Update
HIGHLIGHTS Further equipment arrived in South Korea and at site at Sangdong including Protection screen and reclaim feeders shipments arrived. Scalping works at
About this update from Almonty Industries Inc.
[{"type":"text","content":"HIGHLIGHTS Further equipment arrived in South Korea and at site at Sangdong including Protection screen and reclaim feeders shipments arrived. Scalping works at the Processing Plant site completed, currently in the verification stage. Receipt of Fifth Drawdown from KfW IPEX-Bank of US$9.8 million. TORONTO / Jul 31, 2023 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), is pleased to provide a construction progress update for its Sangdong Mine Tungsten located in South Korea. Equipment Shipment In late June, the protection screen and reclaim feeders arrived at the new port of Busan from Metso:Outotec and will be transported to the warehouse at Sangdong within the next week. We are expecting to receive grizzly screens and UFS Screens in coming weeks from France and Brazil, and the apron feeder will be loaded and shipped at the end of July from Turkey. Engineering and Civil works The detailed engineering plans for the areas of crushing and stockpiling have been completed, with scheduled line drawings of the grinding and classification section to be finalized soon. Scalping works at the processing plant site are now complete and are currently in the verification stage. Fifth KfW Loan Facility Drawdown Almonty is pleased to announce that it has received a further US$9.8 million in conjunction with the fifth drawdown on the US$75.1 million KfW IPEX-Bank (“KfW”) loan facility related to the construction of the Sangdong Mine. The fifth drawdown brings the total drawn to US$40.2 million. Mr. Lewis Black, President and CEO stated: “June and July have been busy months at the Almonty Korea Tungsten Project, with the successful arrival of protection screen, reclaim feeders, following on from the arrival of the SAG and ball mill in June. We are pleased to be drawing down funds from our lending partners KfW in-line with the project finance facility. We are resolute in upholding the highest standards of safety, quality, and environmental responsibility, ensuring that every aspect of the project is executed with utmost care and precision.” 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 we...