Almonty Industries

Almonty Industries Inc. is an international mining company with Canadian corporate roots and a business concentrated primarily on tungsten. Rather than operating as a consumer-facing brand, Almonty functions as an upstream resource company: it acquires, develops and operates mines and mining projects that supply tungsten-bearing concentrates and, in some cases, associated minerals. Tungsten is valued for its very high melting point, density and hardness. Its industrial uses include cemented carbide and cutting tools, wear-resistant components, mining and drilling equipment, high-temperature applications, electronics and defense-related materials. These applications place Almonty within the critical-minerals and industrial-materials supply chain. The company’s portfolio has been built through a series of acquisitions and project investments across Europe and Asia. Its principal operating and development interests described in public reference material include the Los Santos mine and the Valtreixal deposit in Spain, the Panasqueira tungsten mine in Portugal, and the Sangdong tungsten project in South Korea. This geographic spread gives the company exposure to several mining jurisdictions while also creating a relatively specialized portfolio compared with diversified mining groups. The company’s strategic identity is therefore based on tungsten specialization, project redevelopment and the expansion of non-Chinese supply capacity rather than on a broad basket of metals. Almonty’s history is closely linked to the Panasqueira mine and to Lewis Black, who was involved in the earlier Primary Metals business that acquired Panasqueira in 2005. Primary Metals was later acquired by Japan’s Sojitz Corporation in 2008. Almonty Industries was formally established in 2011 following the acquisition of the Los Santos mine and began trading on the TSX Venture Exchange that year. It subsequently obtained an interest in the Valtreixal deposit, acquired Woulf Mining and its Sangdong project in 2015, and reacquired Panasqueira from Sojitz in 2016. By early 2017, it had obtained final construction permits for Sangdong and full ownership of Valtreixal, according to the referenced company history. Los Santos, in Salamanca province, Spain, is an open-pit tungsten operation operated through Daytal Resources Spain S.L. The mine processes scheelite-bearing ore by gravity separation and produces tungsten concentrate for industrial customers. Valtreixal, also in Spain near the Portuguese border, has been the subject of exploration and metallurgical work and represents a development-stage resource within the company’s Spanish portfolio. Panasqueira in Portugal is one of the company’s most established assets and has a mining history extending back roughly 130 years. The underground operation is known for wolframite concentrate with a reputation for high purity. In addition to tungsten, the operation has produced tin and copper concentrates, while aggregates and collectible mineral specimens are associated with the site. Production conditions and the relative contribution of by-products can vary as mining moves through different mineralized zones. Sangdong is Almonty’s major South Korean development project. The property has a long history of tungsten mining, including substantial historical production before its closure in the 1990s. Almonty acquired the project in 2015 and has pursued redevelopment, including construction of a processing plant. The referenced material identifies an anticipated annual processing capacity of approximately 640,000 tonnes and planned tungsten-concentrate production of about 4,000 tonnes per year, with bismuth and molybdenum identified as potential by-products. These figures are project expectations rather than guaranteed current production and may change with construction, financing, permitting and operating conditions. The company’s principal business risks include commodity-price volatility, permitting and environmenta…

Almonty Industries developed as a tungsten-focused mining group through the consolidation of operating mines and development projects in Europe and Asia. A key predecessor to the company’s portfolio was Primary Metals Inc., which acquired the Panasqueira mine in Portugal in May 2005. Lewis Black was chief executive of Primary Metals at that time. Primary Metals was listed on the TSX Venture Exchange under the symbol PMI.V and was acquired by Sojitz Corporation in 2008. Almonty Industries was formally established in 2011 after acquiring the Los Santos mine in Spain. The company began trading on the TSX Venture Exchange on 28 September 2011. Los Santos, located in Salamanca province, is a scheelite-bearing open-pit operation operated through Daytal Resources Spain S.L. The deposit was originally identified during earlier exploration for tungsten and was later developed as a commercial mine. Its ore is processed by gravity separation to produce tungsten concentrate. The operation’s tailings-management approach has included dry stacking, with residual material also considered in site-reclamation planning. In March 2013, Almonty secured an option to acquire a 51% interest in the Valtreixal deposit in northern Spain. The project is located near the Portugal-Spain border and has a history of tungsten discoveries dating to the 1970s and 1980s. Almonty conducted exploration and metallurgical testing through Valtreixal Resources and obtained full ownership by early 2017. Valtreixal became part of the company’s pipeline of Spanish assets rather than an established large-scale producing mine. The company expanded into South Korea in 2015 through the acquisition of Woulf Mining Corp. and its Sangdong project. Sangdong had been one of South Korea’s historically important tungsten properties. Tungsten was identified there in the early twentieth century, the main deposit was delineated before the Second World War, and the mine operated under various ownership and operating arrangements for decades. Historical production included substantial tungsten output as well as molybdenum, bismuth and gold. The mine closed in the 1990s after competition and market conditions weakened its economics. Almonty’s acquisition began a redevelopment phase aimed at restoring production and establishing a modern processing facility. In 2016, Almonty reacquired Panasqueira from Sojitz Corporation. Panasqueira is an underground mine with a history of approximately 130 years and is regarded as a significant tungsten-producing district. Its orebody consists of a sheeted-vein system extending across parts of central Portugal. The mine has produced tungsten concentrate as well as tin and copper concentrates, and the site is also associated with distinctive mineral specimens. Exploration has continued around the existing operation, although the extent and economics of future resources remain subject to technical work and operating conditions. By early 2017, Almonty had obtained final permits for Sangdong construction and full ownership of Valtreixal. The company’s subsequent identity has centered on combining current production from established European assets with the redevelopment of Sangdong and advancement of other tungsten resources. This strategy reflects the industrial importance of tungsten and policy interest in creating supply outside highly concentrated sources. At the same time, Almonty remains exposed to the normal risks of mining, including construction delays, permitting, financing, metallurgy, geology, commodity prices and operational performance. Project capacities, production expectations and ownership arrangements should therefore be checked against the latest regulatory filings and company disclosures.

1. 2017Sangdong construction permits are finalized

   By early 2017, the company had obtained final permits for Sangdong construction and full ownership of Valtreixal.

   Source
2. 2016Panasqueira is reacquired

   Almonty reacquired the Panasqueira mine from Sojitz Corporation.

   Source
3. 2015Sangdong is added to the portfolio

   The acquisition of Woulf Mining brought the historic Sangdong tungsten project in South Korea under Almonty’s control.

   Source
4. 2013Option secured for Valtreixal

   Almonty secured an option for a 51% interest in the Valtreixal tungsten deposit in northern Spain.

   Source
5. 2011Almonty Industries is established and listed

   After acquiring Los Santos, Almonty Industries was formally established and began trading on the TSX Venture Exchange on 28 September.

   Source
6. 2008Primary Metals is acquired by Sojitz

   Sojitz Corporation acquired Primary Metals, which placed Panasqueira under Sojitz ownership until its later reacquisition by Almonty.

   Source
7. 2005Primary Metals acquires the Panasqueira mine

   In May 2005, Primary Metals acquired the Portuguese Panasqueira tungsten mine, establishing an important predecessor asset for Almonty’s later portfolio.

   Source

A specialized tungsten mining and critical-minerals company focused on operating established assets and developing new sources of tungsten supply.

• Panasqueira MineTungsten mine

  An underground tungsten mine in central Portugal with a mining history of roughly 130 years. The operation is known for wolframite concentrate with high reported purity and has also produced tin and copper concentrates. Its mineralized sheeted-vein system extends across several municipalities. The site is additionally associated with aggregates and collectible minerals, including minerals identified as unique to Panasqueira. Exploration has continued around the existing workings, while production mix and mine economics may change as operations reach different mineralized zones.

• Sangdong Tungsten ProjectTungsten development project

  A historic tungsten property in South Korea acquired by Almonty in 2015 through Woulf Mining. Sangdong was formerly a major Korean tungsten mine but closed in the 1990s after adverse market conditions. Almonty has pursued redevelopment and construction of a processing plant. Reference material describes planned processing capacity of approximately 640,000 tonnes per year and expected tungsten-concentrate production of about 4,000 tonnes annually, with bismuth and molybdenum as potential by-products. These are development expectations rather than confirmed current output.

• Los Santos MineOpen-pit tungsten mine

  A scheelite-bearing open-pit mine in the municipalities of Los Santos and Fuenterroble de Salvatierra in Salamanca province, Spain. The operation is managed through Daytal Resources Spain S.L., a wholly owned subsidiary. Ore is processed by gravity separation to produce tungsten concentrate for industrial supply chains. The mine includes multiple open-pit zones and has used dry-stacked tailings, with residual material considered for future reclamation or reprocessing.

• Valtreixal ProjectTungsten exploration and development project

  A tungsten deposit in Pedralba de la Pradería in northern Spain, close to the Portuguese border. The property has a history of tungsten discoveries and was added to Almonty’s portfolio through an option secured in 2013, followed by full ownership in 2016 or early 2017. Exploration and metallurgical testing have been conducted through Valtreixal Resources. It is a development-stage asset rather than a documented large-scale operating mine.

• Tungsten and associated mineral concentratesIndustrial mineral products

  Almonty’s principal commercial outputs are upstream mineral concentrates, especially tungsten concentrate derived from wolframite or scheelite ores. Depending on the asset and ore zone, associated products can include tin and copper concentrates, while Sangdong’s planned operation identifies bismuth and molybdenum as potential by-products. These materials are supplied into industrial processing chains rather than sold as finished branded products.

• 2017Advance Sangdong redevelopmentStrategy

  Sangdong had been closed for decades, while tungsten’s industrial importance supported efforts to restore production from a historic deposit.

  What changed. After obtaining final construction permits, Almonty advanced construction planning for the mine and processing plant.

  Aftermath. The project became the company’s principal development initiative in South Korea. Its eventual timing and output remain dependent on construction, financing, permitting and commissioning.

  Source
• 2016Reacquire the Panasqueira mineM&A

  After the asset had been held by Sojitz following its acquisition of Primary Metals, Almonty pursued the return of the long-established Portuguese mine to its portfolio.

  What changed. Almonty reacquired Panasqueira from Sojitz Corporation.

  Aftermath. Panasqueira became one of Almonty’s principal established tungsten assets and complemented its Spanish operations and South Korean development pipeline.

  Source
• 2015Acquire Woulf Mining and SangdongM&A

  Almonty sought to expand its tungsten project portfolio beyond Europe and gain control of a historically important South Korean deposit.

  What changed. The company acquired Woulf Mining Corp. and its Sangdong tungsten project.

  Aftermath. Sangdong became the company’s principal Asian redevelopment project and a central part of its strategy to expand tungsten production capacity.

  Source

• 2017Sangdong receives final construction permits

  By early 2017, Almonty had received final permits for construction of the Sangdong mine and had obtained full ownership of the Valtreixal project.

  RegulationProduct launch
  Source
• 2016Almonty reacquires the Panasqueira mine

  The company reacquired the Panasqueira tungsten mine from Sojitz Corporation, returning a historically significant Portuguese tungsten operation to its portfolio.

  M&A
  Source
• 2015Almonty acquires Woulf Mining and the Sangdong project

  Almonty acquired Woulf Mining Corp., gaining control of the historic Sangdong tungsten project in South Korea and expanding its Asian development portfolio.

  M&A
  Source
• 2013Almonty obtains an option on the Valtreixal tungsten deposit

  The company secured an option to acquire a 51% interest in the Valtreixal deposit in northern Spain, adding a new exploration and development asset to its portfolio.

  M&AOther
  Source
• 2011Almonty Industries is formally established and begins trading

  Following the acquisition of the Los Santos mine, Almonty Industries was formally established and began trading on the TSX Venture Exchange on 28 September 2011.

  Other
  Source

1. Almonty Industries