Almonty Industries Inc has released an update on the construction progress for its Sangdong Tungsten Mine in South Korea.
Almonty President and CEO Lewis Black reported that the Almonty Korea Tungsten Project has had a busy June and July, with the successful installation of the protective screen and reclaim feeders, after the arrival of the SAG and ball mill in June.
Metso:Outotec delivered the protection screen and reclaim feeders to the new port of Busan in late June, and they will be transported to the warehouse in Sangdong within the next week.
Almonty expects to receive grizzly screens and UFS Screens from France and Brazil in the following weeks, while the apron feeder will be loaded and transported from Turkey by the end of July.
Meanwhile, detailed engineering plans for the areas of crushing and stockpiling have been finished, with scheduled line drawings for the grinding and classification sector to be completed soon.
Scalping work at the processing plant site is now finished and is currently at the verification stage.
Almonty reported receiving an additional US$9.8 million as part of the fifth drawdown on the US$75.1 million KfQ IPEX-Bank credit facility relating to the Sangdong Mine construction. The fifth drawdown takes the total amount drawn to $40.2 million.
“We are pleased to be drawing down funds from our lending partners KfW in-line with the project finance facility,” Black said.
“We are resolute in upholding the highest standards of safety, quality, and environmental responsibility, ensuring that every aspect of the project is executed with utmost care and precision,” Black added.
