- Almonty Industries (AII) receives the first drawdown from its KfW-IBEX Bank US$75.1 million (A$107.25 million) project financing loan facility
- The company have drawn on US$12.82 million, with a second drawdown of US$4.84 million due mid-August
- It will direct the funds towards accelerating its Sangdong mine in South Korea
- Activities will be focussed strengthening its understanding of molybdenum to assist with future planning
- Shares are trading 0.51 per cent higher today at 99 cents each at 12:27 pm AEST
Almonty Industries (AII) has received the first drawdown from its KfW-IBEX Bank US$75.1 million (A$107.25 million) project financing loan facility.
The company drew on US$12.82 million, with a second drawdown of US$4.84 million due mid-August.
It will direct the funds towards accelerating its Sangdong mine in South Korea.
Activities will focus on strengthening Almonty’s understanding of molybdenum to assist with future planning.
CEO Lewis Black said he was excited to advance activities with the new funds.
“The drawdown of this loan marks the key turning point for the company and we can now return to rapid growth to cement our dominance within the Western Tungsten sector both in concentrate production and soon as the only Western downstream producer,” he said.
Shares were trading 0.51 per cent higher today at 99 cents each at 12:27 pm AEST.