Almonty Expects 640,000 Tons of Ore Per Year from South Korea Mine's First Phase

Almonty Industries expects ore throughput capacity of around 640,000 tons per year from the first phase of its South Korea tungsten mine. The Canada-based company operates mines in Spain and Portugal, as well as the Valtreixal tin/tungsten project in Spain and the Sangdong Project in South Korea.

Almonty Industries Inc. (ASX: AII), a leading global producer of tungsten concentrate, has released an updated technical report for its Sangdong Tungsten Mine, prepared in accordance with the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code). The technical report, effective as of February 28, 2025, provides an update on the mineral resources and reserves of the Sangdong project in South Korea. The report highlights recent developments at the mine, including ongoing construction of Phase I, which is expected to begin production in the second half of 2025 [1].

The technical report outlines the company’s plans for a Phase II expansion, which is fully permitted under existing Phase I approvals. This expansion aims to increase the mine’s throughput capacity to 1.2 million tons per year, potentially advancing as early as 2026, contingent upon positive operating results from Phase I and prevailing market conditions. First ore production under Phase II could commence in 2027 [1].

The company has also reassessed its mining portfolio and concluded that the Sangdong Mine is the only mineral project on a property that is material to the company for the purposes of NI 43-101. While Almonty remains engaged in the operation and development of other mineral properties, including the Panasqueira Mine in Portugal and the Sangdong Molybdenum Project in South Korea, the Sangdong Mine is the primary focus [2].

The updated JORC technical report includes a summary of all information material to understanding the reported estimates of ore reserves, including material assumptions and outcomes from the feasibility study. Probable mineral reserves are estimated at 8,579 Kt with a WO3 grade of 0.42% [1].

Almonty Industries operates mines in Spain and Portugal, as well as the Valtreixal tin/tungsten project in Spain and the Sangdong Project in South Korea. The company's strategic positioning and cost advantages, particularly in the Sangdong Mine, position it as a key player in the global tungsten market, especially given the geopolitical context of Chinese export restrictions [4].

References:
[1] https://www.sharecafe.com.au/2025/07/11/almonty-industries-releases-updated-jorc-technical-report-for-sangdong-tungsten-mine/
[2] https://finance.yahoo.com/news/almonty-industries-near-3-files-155221316.html
[3] https://www.finnewsnetwork.com.au/archives/finance_news_network2152220.html
[4] https://ih.advfn.com/market-news/article/12352/tungsten-and-molybdenum-for-the-us-military-and-elon-musk-why-almontys-nasdaq-listing-could-provide-the-next-boost