Almonty to reclaim world's largest tungsten mine title
(Kitco News) - Almonty Industries arranged $76 million financing with KfW IPEX–Bank GmbH to build Almonty’s Sangdong Mine in South Korea.
The Toronto-based company already produces tungsten from its Los Santos mine in western Spain and its Panasqueira mine in Portugal, as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea.
CEO Lewis Black said the project will showcase modern mining technology.
"As the largest shareholder in Almonty, I am extremely pleased to finalize a financing package for the development of Sangdong. With this announcement our 100% owned Sangdong project will now be built. This project will reclaim its title as the world’s largest Tungsten mine and will be a showcase of South Korea’s 21st century technology involving some of the largest Korean companies and government organization," said Black.
"The project meets the demands of the 21st century in the sustainable approach that has been taken and will be a carbon neutral operation benefiting from renewable energy provided by KEPCO. The project also conforms to equator principles which is used by financial institutions to assess a project for environmental and social risk. Full advantage will be taken to benefit from the extraordinary digital infrastructure that exists in South Korea and the project will be used to promote the Health and Safety standards of Korea which are amongst the highest in the world."