Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

AII by the numbers
More From The Market Herald

" Torian Resources (ASX:TNR) reports first assays from major Mt Stirling drilling program

Junior explorer Torian Resources (TNR) has announced the first set of assay results from a 17,500-metre drilling program at its Mt Stirling Gold

" Leigh Creek Energy (ASX:LCK) signs offtake HoA with Daelim, shares spike

Leigh Creek Energy (LCK) stock has risen after the company signed a heads of agreement (HoA) with Daelim, a South Korean contractor, for
Blackstone Minerals (ASX:BSX) - Managing Director, Scott Williamson

" Blackstone Minerals (ASX:BSX) begins British Columbia drilling

Blackstone Minerals (BSX) has resumed drilling at the Gold Bridge Project in British Columbia, Canada.

" Frontier Resources (ASX:FNT) reports encouraging rock chip results

Frontier Resources (FNT) is reporting a number of encouraging results from a recent rock chip sampling program at its Gascoyne Project in Western