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Almonty Industri (ALMTF) operates at the forefront of tungsten mining and specialty metals processing, delivering integrated solutions from extraction to global commodity markets. This dedicated news hub provides stakeholders with direct access to verified corporate developments and operational updates.
Investors and industry observers will find essential information including quarterly earnings reports, production milestones, and strategic partnership announcements. Our curated feed consolidates official press releases and market-moving updates, enabling efficient tracking of the company's progress in critical mineral supply chains.
The resource features updates across key operational areas: mine development timelines, processing technology enhancements, and global trading activities. Content is rigorously verified to ensure accuracy, providing reliable insights into the company's position within the industrial metals sector.
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Almonty Industries (TSX: AII / ASX: AII / OTCQX: ALMTF) has secured additional commitments for its equity placement, increasing the total to A$15.45 million. The placement involves issuing 4.53 million Canadian units and 12.08 million Placement Chess Depository Interests (CDI) Units at C$0.82 and A$0.90 per unit, respectively.
Each participant will receive one warrant per common share and one free unlisted option per CDI, exercisable at C$1.14 and A$1.25, respectively, with a three-year expiry from closing. The settlement is expected around January 20, 2025, subject to TSX and ASX regulatory approvals. The proceeds will be used for balance sheet restructuring and offer costs. RM Corporate Finance, acting as Lead Manager, will receive a 6% fee on funds raised.
Almonty Industries (TSX: AII / ASX: AII / OTCQX: ALMTF) has secured firm commitments to raise A$5.95 million through a combined offering of 2.0 million Canadian units at C$0.82 per unit and 4.56 million Placement Chess Depository Interests (CDIs) Units at A$0.90 per CDI Unit. Each participant will receive one warrant per common share and one free unlisted option per CDI, exercisable at C$1.14 and A$1.25 respectively, with a three-year expiry. The funds will be used for balance sheet restructuring and offer costs. Settlement is expected around December 30, 2024, subject to TSX and ASX approval. RM Corporate Finance will manage the placement for a fee of A$85,500.
Almonty Industries has achieved a significant milestone in developing its Sangdong tungsten mine with the installation of Metso 's grinding equipment. The project features state-of-the-art semi-autogenous grinding (SAG) mill and ball mill installations, important for efficient tungsten ore processing. Metso will manage all installation aspects, maintaining precise tolerances of 0.008 mm/m. The Sangdong project aims to diversify global tungsten supply, currently dominated by China's 80% market control, and represents one of the largest high-grade tungsten deposits worldwide.
Almonty Industries announces that Yeongwol County, home to its Sangdong Mine, has been designated as one of six Opportunity Development Special Zones in Gangwon Province, South Korea. This designation by the Ministry of Trade, Industry, and Energy (MOTIE) includes tax benefits, subsidies, and infrastructure improvements to support critical minerals development.
The region is developing a 153,750-square-meter industrial complex in Nokjeon-ri, with Almonty securing 60,000 square meters for its tungsten oxide plant, located 35 kilometers from the Sangdong Mine. The project aims to supply over 10% of global tungsten consumption and meet 100% of South Korea's domestic demand for this critical mineral used in batteries and semiconductors.
Almonty Industries has appointed Fernando Vitorino as Chief Operating Officer of Almonty Korea Tungsten Corp (AKTC). Vitorino brings over 30 years of mine management and 40 years of financial management experience, having previously held key positions at Anglo Group and Beralt Tin and Wolfram. The construction of the processing plant at Sangdong Mine has reached 53.23% completion in approximately 90 days. The company aims to begin tungsten concentrate production by mid-2025 and plans to construct a tungsten oxide plant by late 2026. The Sangdong Mine is expected to supply over 10% of global tungsten consumption and meet 100% of South Korea's domestic demand.
Almonty Industries has filed its Q3-2024 unaudited financial statements, reporting gross revenue of $22,556,000 for the nine months ended September 30, 2024, up from $17,089,000 in the same period of 2023. The company's Panasqueira mine generated positive EBITDA of $3,323,000 from mining operations. The company reported a net loss of $10,894,000, which includes non-cash charges of $450k for interest settled by share issuance, $2.399M in share-based compensation, and $1.999M in unrealized foreign exchange losses. Almonty converted over $9M of long-term debt into shares and extended $21.4M debt maturity to March 2027. The Sangdong Mine construction continues with planned KfW IPEX-Bank loan drawdowns.
Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF) has successfully completed pilot plant trial production for its Sangdong Mine in South Korea. This marks the final stage of flotation processing technology development before full-scale equipment installation. The company conducted tests at two locations: Portugal and South Korea, using 1/500th scale pilot plants.
Key achievements include:
- Production of tungsten concentrate (WO₃) with over 60% content
- 82% recovery rate in Portugal with 0.45% WO₃ feed grade
- 86.3% recovery rate in Sangdong despite lower-grade ore
- Improved sulfide flotation stage, ensuring stable 60-65% WO₃ grades in future production
These results have met all design performance parameters, allowing Almonty and equipment supplier Metso Outotec to proceed with the main processing plant construction. The company anticipates stable tungsten concentrate production from Sangdong Mine during 2025.
Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF) announced that on September 2, 2024, renowned geologists from around the world visited the Company's Sangdong Tungsten Mine in South Korea. The visit was part of the 2024 International Geological Congress (IGC) in Busan. The geologists, led by Professor Seo Jeong-hoon from Seoul National University, examined the rare tungsten and molybdenum mineralization zones within the mine galleries.
The Sangdong Mine is recognized as one of the world's largest tungsten deposits, verified under both Australian (JORC Code) and Canadian (NI 43-101) standards. The redevelopment of the mine is seen as important for stabilizing and diversifying the global mineral resource supply. On August 23, 2024, a delegation from the U.S. Geological Survey's Global Mineral Analysis Research Center also visited the mine, expressing anticipation for its role in diversifying the tungsten supply chain, which is currently heavily reliant on China.
Almonty Industries, through its subsidiary Almonty Korea Tungsten (AKTC), hosted a US Geological Survey (USGS) delegation at its Sangdong Mine in South Korea, marking significant progress in tungsten re-entry into the global market. The USGS conducted a review of the mine's redevelopment, including tungsten concentrate production and the ongoing construction of a processing plant and planned tungsten oxide plant. These developments aim to reduce Western dependence on Chinese tungsten, which currently controls 80% of the market. The Sangdong Mine is projected to produce 4,000 tons of high-purity (99.99%) tungsten oxide annually, important for the Korean semiconductor and battery industries. Almonty’s strategic partnership with the Korean government, along with international support, underscores the project’s importance for global resource security.
Almonty Industries Inc. (TSX: AII / ASX: AII / OTCQX: ALMTF) has filed its Q2-2024 unaudited financial statements and MD&A for the six months ended June 30, 2024. Key highlights include:
- Gross Revenue: $15,762,000 for six months (up from $12,630,000 in 2023)
- Net loss: $5,575,000 for six months
- EBITDA from Panasqueira mine: $2,401,000 for six months
- Working capital deficiency decreased by 79% to $6.1 million
- Conversion of over $9 million long-term debt into shares
- Extension of $21.4 million long-term debt maturity to March 2027
- Sangdong Mine construction progressing with US$75.1 million loan facility drawdowns
The company expects positive results from the high-grade Sangdong mine once operational.
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