Almonty signs MOU for location of Sangdong Downstream Tungsten Oxide Plant
Almonty has announced that its subsidiary, Almonty Korea Tungsten (AKTC), has signed an MOU with Yeongwol County to establish the Sangdong Downstream Tungsten Oxide Plant, located 30 km from the Sangdong Tungsten Mine. This plant, spanning 60,000 square meters, will refine and smelt tungsten and its alloys. AKTC plans to invest approximately $72 million in the plant's construction and an additional $29 million in facility upgrades at the Sangdong Mine. Yeongwol County will provide full legal and institutional support, aiming to stimulate regional economic development and job creation. This initiative is expected to bolster Korea's high-tech industries and contribute to a stable supply chain of strategic minerals.
- AKTC plans to invest approximately $72 million in the new plant.
- An additional $29 million investment is planned for facility upgrades at the Sangdong Mine.
- Yeongwol County will provide full legal and institutional support to Almonty.
- The project aims to stimulate regional economic development and job creation.
- None.
Choi Myung-seo (Middle Left), Head of Yeongwol County and Yoo Woo-jong, Vice President of AKTC (Middle Right), are signing a memorandum of understanding on investment in the conference room of Yeongwol County Office (Photo: Business Wire)
Key terms of the MOU include that AKTC proposes to establish a factory of about 60,000 square meters within the Yeongwol County Opportunity Development Special Zone to produce refined and smelted tungsten, and tungsten alloys. Yeongwol County announced that it will provide full legal and institutional support to Almonty. During the process, AKTC proposes to invest approximately
The signing of the MOU reaffirmed the agreement between Yeongwol County and AKTC to foster high-value-added industries in the region and build critical raw materials industrial infrastructure.
Choi Myeong-Seo, the Governor of Yeongwol County said, “There were many setbacks and hardships, but we have worked together to overcome them well. As a large-scale investment in Yeongwol-gun, I hope it will be of great help as it is implemented well according to this MOU agreement.”
"Based on the successful Sangdong Mine redevelopment project, we will quickly complete the ecosystem of the tungsten industry so that Yeongwol-gun can lead the construction of a critical mineral industrial complex in Gangwon-do," said Yoo Woo-jong, vice president of AKTC. In addition, he mentioned that "This large-scale investment will not only revitalize the local economy, but will also contribute importantly to the establishment of a national resource security system by securing a stable supply chain of needed strategic minerals essential for
On the same day, during a discussion on pending issues held in Yeongwol-gun, he stated that he expects Taebaek and Yeongwol to be tied to the critical mineral industrial belt to attract more companies, thereby gaining new growth engines for the economy of Gangwon Special Self-governing Province.
The signing ceremony was attended by many government officials and Company representatives, including Choi Myung-seo, the Governor of Yeongwol County, Yoo Woo-jong, Vice President of AKTC, Manuel Pacheco, COO of AKTC, Lee Gwan-woo, Vice Governor, and Yoo Young-man, Team Leader of the Regional Economy Department of the Yeongwol County Office.
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Source: Almonty Industries Inc.
FAQ
What is the significance of Almonty's new MOU with Yeongwol County?
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