Almonty Industries Inc. (“Almonty” or the
“Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F),
has announced a significant milestone in the development of its
Sangdong tungsten mine and processing plant with the arrival and
installation of cutting-edge grinding equipment from Metso
Corporation. This development brings the Sangdong project one step
closer to full operations, marking a pivotal moment in the effort
to supply an enormous new source of tungsten from outside of
China.
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Almonty’s Chairman, President and CEO Lewis Black said:
“We sincerely appreciate Metso and its specialized professionals
for their dedicated effort and hard work in delivering this
significant engineering output, applying their paralleled
experience and expertise in the mining industry to develop the most
optimal design criteria for the equipment and processing at the
Sangdong plant.”
The installation of Metso’s semi-autogenous grinding (SAG) mill
and ball mill is critical to enabling efficient and precise
processing of tungsten ore. These state-of-the-art machines will
ensure the ore meets exact specifications for downstream
processing, boosting the operational capabilities of one of the
largest high-grade tungsten deposits in the world. Once
operational, the Sangdong mine will be a key supplier in
diversifying global tungsten sources, reducing reliance on
Chinese-controlled supply chains.
Key Aspects of the Project:
Comprehensive Installation Expertise: Metso will manage
every stage of the ball mill installation, including site
preparation, equipment assembly, precise alignment, and
commissioning. Furthermore, Metso emphasized the critical
importance of aligning the machinery to exacting tolerances,
limiting deviations to just 0.008 mm/m. This precision ensures
maximum operational stability and extends the equipment's
longevity.
Focus on Safety and Compliance: The team will adhere to
rigorous safety protocols and comply with local and international
mining standards to ensure the safety of personnel and the
surrounding environment throughout the project.
Advanced Technology and Techniques: Using cutting-edge
technology and methods, the installation will be executed
efficiently, minimizing disruptions and ensuring optimal
performance. Metso stressed the critical importance of performing
bolt tension tests, stress analyses, and meticulously following its
proprietary installation manuals at every stage. These actions are
fundamental to guaranteeing long-term operational reliability and
performance.
Significance of Sangdong for Global Tungsten Supply
China controls more than 80% of the global tungsten market, but
the Sangdong mine marks a diversification of the global tungsten
supply. With these installations, the mine is poised to provide a
stable, independent supply of tungsten to industries ranging from
defense to advanced manufacturing, where the mineral plays an
indispensable role.
Almonty CEO Lewis Black commented, “This milestone underscores
our commitment to bringing Sangdong online as a world-class source
of tungsten. We are grateful for Metso’s expertise and partnership
in this critical phase of the project, which reinforces our mission
to reshape global supply dynamics for this essential material.”
About the Installation Process
Metso’s equipment, designed for durability and precision, is the
cornerstone of the Sangdong processing plant. Installation will be
completed shortly, ensuring alignment with the project’s overall
timeline. In addition to overseeing installation, Metso will share
its expertise with local teams to maintain and optimize the
equipment, ensuring long-term operational reliability. With
Sangdong nearing operational status, Almonty’s efforts are a
testament to the importance of building diversified critical
mineral supply chains. As global demand for tungsten continues to
rise, this mine will play a central role in meeting the needs of
industries worldwide while reducing dependency on Chinese
exports.
About Almonty
Almonty Industries Inc., based in Toronto, Canada, is a leader
in tungsten mining, processing, and shipping with projects in
Spain, Portugal, and South Korea. The Company’s Sangdong Mine in
South Korea is one of the world’s most substantial and high-grade
tungsten deposits outside of China. Almonty is also developing the
Valtreixal tin/tungsten project in Spain. For further information,
please visit www.almonty.com or www.sedarplus.ca
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “estimate”,
“project”, “belief”, “anticipate”, “intend”, “expect”, “plan”,
“predict”, “may” or “should” and the negative of these words or
such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. These
statements and information are based on management’s beliefs,
estimates and opinions on the date that statements are made and
reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Almonty
to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: any
specific risks relating to fluctuations in the price of ammonium
para tungstate (“APT”) from which the sale price of Almonty’s
tungsten concentrate is derived, actual results of mining and
exploration activities, environmental, economic and political risks
of the jurisdictions in which Almonty’s operations are located and
changes in project parameters as plans continue to be refined,
forecasts and assessments relating to Almonty’s business, credit
and liquidity risks, hedging risk, competition in the mining
industry, risks related to the market price of Almonty’s shares,
the ability of Almonty to retain key management employees or
procure the services of skilled and experienced personnel, risks
related to claims and legal proceedings against Almonty and any of
its operating mines, risks relating to unknown defects and
impairments, risks related to the adequacy of internal control over
financial reporting, risks related to governmental regulations,
including environmental regulations, risks related to international
operations of Almonty, risks relating to exploration, development
and operations at Almonty’s tungsten mines, the ability of Almonty
to obtain and maintain necessary permits, the ability of Almonty to
comply with applicable laws, regulations and permitting
requirements, lack of suitable infrastructure and employees to
support Almonty’s mining operations, uncertainty in the accuracy of
mineral reserves and mineral resources estimates, production
estimates from Almonty’s mining operations, inability to replace
and expand mineral reserves, uncertainties related to title and
indigenous rights with respect to mineral properties owned directly
or indirectly by Almonty, the ability of Almonty to obtain adequate
financing, the ability of Almonty to complete permitting,
construction, development and expansion, challenges related to
global financial conditions, risks related to future sales or
issuance of equity securities, differences in the interpretation or
application of tax laws and regulations or accounting policies and
rules and acceptance of the TSX of the listing of Almonty shares on
the TSX.
Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to, no
material adverse change in the market price of ammonium para
tungstate (APT), the continuing ability to fund or obtain funding
for outstanding commitments, expectations regarding the resolution
of legal and tax matters, no negative change to applicable laws,
the ability to secure local contractors, employees and assistance
as and when required and on reasonable terms, and such other
assumptions and factors as are set out herein. Although Almonty has
attempted to identify important factors that could cause actual
results, level of activity, performance or achievements to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results, level of activity,
performance or achievements not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate and even if events or results described
in the forward-looking statements are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on, Almonty. Accordingly,
readers should not place undue reliance on forward-looking
statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing
list of material factors is not exhaustive. When relying on
Almonty’s forward-looking statements and information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Almonty has also assumed 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 is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.
READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO
UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE LAWS.
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Lewis Black, Chairman, President, and CEO Telephone: +1 647
438-9766 Email: info@almonty.com
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