Join our daily newsletter At The Bell to receive exclusive market insights
- Almonty (AII) continues construction works at its Sangdong tungsten mine, with the total amount drawn under its loan facility now standing at US$32.3 million (A$48.6 million)
- The company installed a new four-megawatt (MW) power system in March to replace its temporary 950-kilowatt (KW) system
- Also, Almonty announced that 99 per cent of all equipment related to the Ball Mill and SAG Mill has now arrived in South Korea
- Equipment including ultra-fine screens, apron feeders, and flotation tanks is nearing completion by manufacturers, while engineering plans have also been finalised, and surface scalping has started
- The company estimates that 75 per cent of the light short lead time equipment will be loaded for transport to South Korea by May 2023
- Shares in AII last traded at 72 cents
Almonty (AII) has continued construction works at its Sangdong tungsten mine in South Korea, with the total amount drawn under its loan facility now standing at US$32.3 million (A$48.6 million).
The company installed a new four-megawatt (MW) power system in March to replace its temporary 950-kilowatt system.
Also, Almonty reported the delivery of all long lead time equipment from Metso Outotec in Europe to South Korea was nearing completion, and 99 per cent of all equipment related to the Ball Mill and SAG Mill had arrived in South Korea.
Engineering plans have also been finalised, with surface scalping having started as essential pre-work to prepare the site for civil construction.
Key equipment items including ultra-fine screens, apron feeders, and flotation tanks are nearing completion from manufacturers, with Metso Outotec to begin the process of preparing documentation for the equipment.
“We are building what we expect to be the largest tungsten mine outside of China with a very long mine life, which will have a profound and positive effect on the local and domestic communities after decades of economic stagnation for both the South Korean domestic consumption of tungsten and the wider global tungsten market,” Almonty CEO Lewis Black said.
“As we continue to advance the mine towards commissioning, it is now my job to ensure that the wider investing market knows more about our tier one project and about the profound effect this mine will have not only in sectors such as technology – batteries, screens, semiconductors – but also defence, an area which is now significantly increasing its global importance, particularly in the USA,” Mr Black said.
In April, engineering staff from the Sangdong mine team and members of the engineering, procurement, and construction (EPC) consortium made a field trip to the company’s tungsten mines and processing plants in Portugal and Spain.
The company said the power supply expansion would provide stable power to the Sangdong mine’s surface and underground infrastructure, improving work efficiency and production.
The company estimates that 75 per cent of the light short lead time equipment will be loaded for transport to South Korea by May 2023.
Shares in AII last traded at 72 cents.
