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- Almonty Industries (AII) updates the market regarding process at its underground South Korean mine site
- Underground mine development is set to hit a 25 per cent completion rate of the 3748.1 metres currently under construction
- There are now more than 50 staff on site, a number which will increase to 125 as construction continues to ramp up
- Finally, Almonty’s Seoul office and Government liaison centre are open and are fully staffed
- Shares in Almonty are down five per cent on the market and are trading at 85.5 cents
Almonty Industries (AII) has updated the market regarding progress at its underground South Korean mine site.
Underground mine development is set to hit a 25 per cent completion rate of the 3748.1 metres currently under construction.
The guesthouse has been renovated and has the capacity to host up to 24 people visiting from Almonty’s Panasqueira and Los Santos mines.
Both the road and river diversions have been complete except the asphalting of the new road, which is expected to be laid shortly.
There is now more than 50 staff on-site, a number which will increase to 125 as construction continues to ramp up.
Finally, Almonty’s Seoul office and Government liaison centre are open and fully staffed.
Almonty has so far distributed nearly US$17 million (A$22.64 million) to project costs.
Chairman, President and CEO Lewis Black commented on the progress.
“We are on schedule and budget for a Q4 2022 commission. The price of tungsten has risen over 50 per cent in the last 12 months and continues to strengthen with ongoing shortages of spot material and increasing demand from the technology sector, especially in the global transition towards a greener energy future,” Mr Black said.
“We have now finalised the last outstanding condition precedent for the US$75.1 million (A$100 million) project financing and hope to update the market shortly when we have received the official notification from KfW-IPEX Bank.”
Shares in Almonty are down five per cent on the market and are trading at 85.5 cents at 2:10 pm AEDT.
