- The South Korean government has recognized Yeongwol County as a priority site to attract large-scale investments
- The county is home to Almonty Industries’ (TSX:AII) Sangdong mine, which hosts one of the largest and highest-grade tungsten resources in the world
- Toronto-based Almonty is a leader in tungsten mining, processing and shipping with a project portfolio spanning Spain, Portugal and South Korea
- Almonty Industries stock has added 74 per cent year-over-year and 40.32 per cent since 2019
The South Korean government has recognized Yeongwol County as a priority site to attract large-scale investments. The county is home to Almonty Industries’ (TSX:AII) Sangdong mine, which hosts one of the largest and highest-grade tungsten resources in the world.
Sangdong is positioned to supply over 10 per cent of global tungsten consumption, including meeting 100 per cent of South Korea’s demand for the mineral in sectors like secondary batteries and semiconductors.
The South Korean Ministry of Trade, Industry and Energy made the announcement at the 2024 Korea Local Era Expo in Chuncheon, highlighting six regions in Gangwon Province as Opportunity Development Special Zones.
The designation supports “Yeongwol County’s strategic focus on critical minerals, providing tax breaks, subsidies and infrastructure improvements to foster industry-specific growth, creating jobs and encouraging new business opportunities, particularly in mineral processing and manufacturing,” according to Monday’s news release.
Among planned infrastructure improvements, the county will be outfitted with a new 153,750-square-metre core materials industrial complex specializing in tungsten, pumice and magnesium just 35 kilometers from the Sangdong mine site. Almonty will build its downstream tungsten oxide plant within the complex on a dedicated 60,000-square-meter site, strengthening its vertically integrated production chain.
Leadership insights
“We’re extremely pleased with the commitment shown by both national and local governments to support our project with a state-of-the-art materials complex so close to Sangdong,” Lewis Black, chairman, president and chief executive officer of Almonty Industries, said in a statement. “This designation and planned industrial complex reinforce the strategic role of the Sangdong mine as part of South Korea’s plan to ensure a stable supply of key minerals needed for its industries.”
About Almonty Industries
Toronto-based Almonty is a leader in tungsten mining, processing and shipping with a project portfolio spanning Spain, Portugal and South Korea.
Almonty Industries stock (TSX:AII) is up by 6.10 per cent on the news trading at C$0.87 per share as of 11:46 am ET. The stock has added 74 per cent year-over-year and 40.32 per cent since 2019.
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(Top photo of Almonty Industries employees at the Sangdong mine in South Korea: Almonty Industries)