TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. ("Almonty" or "Company") (TSX code: AII / ASX: AII / OTCQX: ALMTF / Frankfurt code: ALI .F) I am pleased to provide its latest information on the progress of its Korean site.
The currently under construction of 3.748.1 billion underground mines are expected to reach 25%.
The guest house next to the main office has now been renovated. It currently has our team members and can accommodate up to 24 visitors from our Panasqueira and Los Santos mines.
The diversion of roads and rivers has now been completed, and the new roads to be paved will be asphalted. Both are rated as 100-year events.
Our Seoul office is now our main administrative and government liaison center and is now open and fully staffed.
The labor force on site now exceeds 50 people, which is a milestone. As construction continues to accelerate, this will increase to 125 people.
The company has invested nearly $17 million in project costs.
Lewis Black, Chairman, President and CEO of Almonty, commented:
“We completed the commission for the fourth quarter of 2022 as planned and budgeted. The price of tungsten has risen by more than 50% in the past 12 months, and with the continued shortage of spot materials and the increase in demand from the technical department, especially in the global market Green energy continues to grow stronger in the context of the future transition. We have now completed the last pending prerequisites for project financing of US$75.1 million and hope to update the market as soon as we receive the official notice from KfW-IPEX Bank."
The main business of Almonty Industries Inc., headquartered in Toronto, Canada, is the mining, processing and transportation of tungsten concentrates from its Los Santos mine in western Spain and the Panasqueira mine in Portugal, as well as the development, Development of Valtreixal tin/tungsten project in South Korea and northwestern Spain. Los Santos mine was acquired by Almonty in September 2011, about 50 kilometers from Salamanca in western Spain, to produce tungsten concentrate. The Panasqueira mine, located about 260 kilometers northeast of Lisbon, Portugal, has been in production since 1896 and was acquired in January 2016 to produce tungsten concentrate. In September 2015, through the acquisition of 100% interest in Willfe Mining, the Sangdong Mine was acquired, which has historically been one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China. Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in northwestern Spain. For more information about Almonty's activities, please visit www.almonty.com and Almonty's SEDAR profile on www.sedar.com.
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When used in this press release, terms such as "estimate", "project", "belief", "anticipate", "intend", "anticipate", "plan", "forecast", "may" or "should" and Negations of these words or such variants or similar terms are intended to identify forward-looking statements and information. This press release contains forward-looking statements. These statements and information are based on management's beliefs, estimates, and opinions on the date of the statement, and reflect Almonty's current expectations.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause Almonti’s actual results, activity levels, performance or achievements to be materially different from those expressed or implied by such forward-looking statements , Including but not limited to: any specific risks related to the price fluctuations of ammonium paratungstate that derive the sales price of Almonti tungsten concentrate, actual results of mining and exploration activities, environmental, economic and political risks in the jurisdiction where Almonti operates With the continuous improvement of the plan, changes in project parameters, forecasts and assessments related to Almonty's business, credit and liquidity risks, hedging risks, mining industry competition, risks related to Almonty stock market prices, and Almonty's capabilities retain key management Personnel or procurement skilled and experienced service personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks related to unknown defects and damages, risks related to the adequacy of financial reporting internal controls, and Risks related to government regulations, including environmental regulations, related risks Almonty's international business, risks related to Almonty tungsten exploration, development and operation, Almonty's ability to obtain and maintain necessary permits, and Almonty's ability to comply with applicable laws, regulations and permit requirements , Lack of appropriate infrastructure and employees to support Almonty mining operations, uncertainty in the accuracy of mineral reserves and mineral resource estimates, production estimates of Almonty mining operations, irreplaceable and expanding mineral reserves, and related to directly or indirectly owned mineral properties The uncertainty of ownership and indigenous rights is determined by Almonty, Almonty’s ability to obtain sufficient financing, Almonty’s ability to complete licensing, construction, development, and expansion, challenges related to global financial conditions, and risks related to the future sale or issuance of equity securities , Interpretation or application of tax laws and regulations or accounting policies and rules, and the Toronto Stock Exchange’s acceptance of Almonti’s stocks for listing on the Toronto Stock Exchange.
Forward-looking statements are based on management’s reasonable assumptions, including but not limited to no significant adverse changes in the market price of ammonium paratungstate, continued ability to provide funds or obtain funds for unfulfilled commitments, anticipated legal and tax issues for solutions, and applicable laws No negative changes, the ability to obtain local contractors, employees and assistance on reasonable terms when needed, as well as other assumptions and factors listed here. Although Almonty has tried to identify important factors that may cause actual results, activity levels, performance or achievements to be materially different from those contained in the forward-looking statements, there may be other factors that may cause the results, activity levels, performance or achievements to fall short of expectations, estimates Or as expected. There is no guarantee that forward-looking statements will prove to be accurate, and even if the events or results described in the forward-looking statements have been achieved or materially achieved, there is no guarantee that they will have the expected consequences or impact on Almonti. Therefore, readers should not place undue reliance on forward-looking statements and be aware that actual results may vary.
Investors are cautioned not to attribute excessive certainty to forward-looking statements. Almonty cautioned that the above list of important factors is not exhaustive. When making decisions based on Almonty's forward-looking statements and information, investors and others should carefully consider the above factors and other uncertainties and potential events.
Almonty also assumes that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and may change, and there is no guarantee that such assumptions will reflect the actual results of such items or factors.
The forward-looking information contained in this press release represents Almonty's expectations as of the date of this press release, and therefore, may change after that date. Readers should not place too much emphasis on forward-looking information, nor should they rely on this information on any other date. Although ALMONTY may choose, it does not promise to update this information at any particular time, unless required by applicable laws.
For more information: Almonty Lewis Black Chairman, President and Chief Executive Officer Phone: 1 647 438-9766 Email: lewis.black@almonty.com
For more information: Almonty Lewis Black Chairman, President and Chief Executive Officer Phone: 1 647 438-9766 Email: lewis.black@almonty.com