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2020.05.14
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Almonty Industries signed an MOU for mineral exploration in old mines in Youngwol


According to Yonhap News,


A town, which has fallen into decline after Tungsten mines in Youngwol-gun closed since 1993, appears to bring its vigor back, while reopening the mines again in 27 years. The town recently attracted FDI valued at USD 170 million from a global mining company, Almonty Industries, headquartered in Canada. The Canadian miner unveiled its large scale investment portfolio into the exploration, appreciating the value of the Korean operating environment.

Sangdong Mine had been a main business station for tungsten concentrate production of Korea Tungsten Mining Co.Ltd("KTMC") with large scale and high quality of Sangdong tungsten production (the principal potential products were tungsten and molybdenum) that was the driving force of South Korean economic development since post-Korean War. But as all other metallic mine in South Korea, Sangdong Mine also fell into the way of closing primarily due to low commodity prices along with China’s market open policy in 1980s and so closed in 1994.

With the investment pact with Almonty Industries, the province is highly anticipating the resumption of the mine operation, which helps recapture the past glory. The provincial authorities, Youngwol-gun and Almonty Industries signed a memorandum of understanding for the investment on May 7. All information and data along with many detail investigation and analysis about Sangdong mine which had been closed for over 15 years were well organized and summarized in the "Feasibility study" and "NI 43-101 Technical report" drawn up by Almonty Industries.
They’ve already unfolded another subsequent investment plans in stable supply of the mineral from the year 2022.


Source Text


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yangdoo@yna.co.kr

Source: Yonhap News (May 5 , 2020)


** This article was translated from Korean.
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