Almonty Industries resumes tungsten production at Sangdong mine

Almonty Industries has announced the first tungsten production from its Sangdong mine in South Korea since 1993. Following regulatory approval for its processing and crushing facilities, the mine has transitioned into commercial operations. The grinding plant is currently operating seven days a week with thirteen-hour shifts, with management aiming to eventually move to twenty-four-hour production.

To support its capital structure during this ramp-up phase, the company executed a share buyback of approximately 2.9 million shares for nearly $48 million and intends to implement an automatic repurchase program. Regarding commercial stability, more than 90% of the Phase I output is committed to Global Tungsten & Powders through an off-take agreement spanning 21 years.

On the administrative front, PricewaterhouseCoopers LLP has replaced Zeifmans LLP as the company’s external auditor. The company clarified that the change in auditors was not due to any disagreements regarding accounting principles or disclosure obligations.