Almonty Industries Receives Funding for Tungsten Mine Redevelopment in South Korea

Almonty Industries Inc., a mining company based in Toronto, Canada, has received funding for the redevelopment of its tungsten mine in Sangdongeup, Yeongwol county, South Korea. The company aims to revive the Sangdong Tungsten Mine, which has been closed for over 30 years, to strengthen the local economy and enhance resource security. The funding will be used to complete the construction of a tungsten oxide production plant in Yeongwol by 2027, establishing a domestic tungsten product pipeline. Since acquiring the mining rights to the Sangdong Mine in 2015, Almonty has invested nearly 130 billion KRW in its redevelopment, with an additional 50 billion KRW expected to be invested by the first half of 2025. This funding is projected to have an economic impact of over 500 billion KRW within Gangwon Special SelfGoverning Province and create up to 1,800 jobs directly and indirectly.

The funding round was led by Almontys whollyowned subsidiary, Almonty Korea Tungsten Corporation (AKTC). The investors involved in the funding include governmental bodies, financial institutions, and other stakeholders supporting the redevelopment of the Sangdong Mine.

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