Business
Almonty Industries Receives its Final Drawdown from KfW IPEX-Bank for Ongoing Construction of the Sangdong Tungsten Mine
TORONTO / Jan 09, 2025 / 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 / Jan 09, 2025 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that it has received its final drawdown of US$906,000 of the US$75.1 million KfW IPEX-Bank (“KfW”) project loan facility related to the construction of the Company’s Sangdong Tungsten Mine in South Korea. This milestone marks the culmination of a strong and collaborative partnership with KfW, which has consistently demonstrated unwavering support for Almonty since the financing was granted. The completion of the drawdown underscores the KfW’s confidence in Almonty’s strategic vision to become a leading global producer of tungsten with construction of its Sangdong Tungsten Project in South Korea. Since the approval of the project financing, the bank has supported every drawdown and utilization request made by the Company, reaffirming its commitment to Almonty’s growth and success. This collaboration has been pivotal in building a transparent and reliable source of tungsten for the Western world, supporting both global supply chain stability and long-term success. CEO Statement “We are delighted to have reached this important milestone with the full backing of our banking partner KfW IPEX-Bank,” said Lewis Black, CEO of Almonty Industries. “Their steadfast support throughout the process has been invaluable, and we are grateful to have had such a strong and reliable project finance partner. Their loan has been crucial to the construction of the Sangdong Project in South Korea, a cornerstone of our strategic initiatives. We are fully committed to ensuring the proper and timely repayment of this facility, further demonstrating our financial responsibility and dedication to our stakeholders.” 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 northwestern 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 Panasquei...