TORONTO–(BUSINESS WIRE)–Almonty Industries Inc. (Almonty or the Company) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), is pleased to announce that the Company’s Sangdong Mine has been recognized as a priority site to attract large-scale corporate investment.
The South Korean Ministry of Trade, Industry, and Energy (MOTIE) announced at the 2024 Korea Local Era Expo ceremony held in Chuncheon, South Korea, that six regions in Gangwon Province have been designated as Opportunity (SO:) Development Special Zones. Among these zones is Yeongwol County, home to the Almonty’s Sangdong Mine. This 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. As a responsible participant in Yeongwol County’s Opportunity Development Special Zone, Almonty is committed to sustainable practices, minimizing environmental impacts, and engaging with the local community to ensure that the Sangdong Mine’s expansion aligns with regional development goals.
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, stated Lewis (JO:) Black, Chairman, President, and CEO of Almonty Industries. 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.
The designation highlights Yeongwol County’s strategic focus on critical minerals, positioning it as a potential key materials production hub for South Korea. This designation follows Yeongwol’s recognition as an Educational Development Special Zone in July 2024 and strengthens the region’s role in supplying essential materials, particularly tungsten, for South Korea’s industrial base.
The project is advancing steadily, with quality control measures in place to ensure reliable operations upon completion.
As part of this initiative, Yeongwol County is developing an advanced industry core materials industrial complex that will specialize in tungsten, pumice, and magnesium. This industrial complex will span 153,750 square meters in Nokjeon-ri, Sansol-myeon, located just 35 kilometers from Almonty’s Sangdong Mine site. Almonty’s downstream…
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