Business
Fourth Sangdong Tungsten Mine Loan Facility Drawdown
Highlights: US$5.6 million drawdown of KfW IPEX-Bank project finance facility completed fourth scheduled drawdown; Total drawn under KfW IPEX-Bank facility now
About this update from Almonty Industries Inc.
[{"type":"text","content":"Highlights: US$5.6 million drawdown of KfW IPEX-Bank project finance facility completed fourth scheduled drawdown; Total drawn under KfW IPEX-Bank facility now stands at US$32.3 million of the total US$75.1 million facility; Sangdong mine construction remains on track for commissioning in 2024 and when in operation will be the world’s largest tungsten mine outside of China. TORONTO / Apr 03, 2023 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that it has completed its fourth scheduled drawdown of the total US$75.1 million KfW IPEX-Bank project finance facility for its Sangdong Tungsten Mine (the Loan Facility) located in South Korea. The total amount drawn under the Loan Facility now stands at US$32.3 million. The Company is pleased to report that the drawdowns are being completed on schedule as per the project drawdown agreement. Almonty’s Chairman, President and CEO Lewis Black commented: “We are pleased to have received the fourth drawdown from our financing partners, KfW IPEX-Bank, under the US$75.1 million project financing loan facility. These drawdowns are occurring on time, as planned, in line with the drawdown schedule. Much of what occurs when building a tier one mine such as Sangdong, in a developed democracy, occurs behind the scenes. We are building a mine that will serve as the focal point of western tungsten production, and it is important to ensure that plans are executed with diligence and consideration, as we are doing. All long lead time equipment is now in Korea except for one drive that is waiting to be shipped from France. We have recently hosted multiple regional and local government visits as well as multiple residents who are all excited at the prospect of the reopening of the former largest tungsten mine in the world, especially in how it relates to both the local economy and the contribution it will make to Korea’s technology and heavy industrial economies, which have the highest per capita consumption of Tungsten in the world. All engineering plans are now finalised and surface scalping will shortly begin. There is a reason that KFW IPEX-Bank has and continues to support the Sangdong project as it qualified for a tier 1 financing on the merits of the project and on the experience of our team. This four...