Canadian Mining Journal


European tungsten producer Almonty advances Korean Sangdong project

Almonty Industries (TSX: AII; US-OTC: ALMTF) has two mines in Europe producing tungsten concentrate – the Los Santos mine in western Spain and the Panasqueira mine in Portugal – but it’s the Sangdong tungsten project in South Korea that has become the junior’s main focus in recent years.

Sangdong – once one of the world’s largest tungsten mines in production and still one of the few high grade tungsten deposits outside of China — came into its portfolio in September 2015 when Almonty acquired its former owners, a Canadian company called Woulfe Mining, after a persistent courtship.

In December, after four years of forensic due diligence, the junior finally closed a US$75 million project financing for Sangdong from Germany state-owned KfW-IPEX Bank GmbH (the Credit Institute for Reconstruction), which will cover about 70% of the US$105 million construction costs. The financing is at Libor plus 2.3%.

The bank headquartered in Frankfurt specializes in export and project financing and is better known for financing large infrastructure projects spanning shipping and ports, airports, manufacturing plants, telecommunications and energy.

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