Almonty Industries bolsters Korean operations with new tungsten oxide plant

Almonty Industries has taken a significant step forward in its global expansion strategy by signing a memorandum of understanding (MOU) with the Yeongwol County Office in South Korea. This agreement paves the way for the construction of the Sangdong Downstream Tungsten Oxide Plant, set to be located just 30 kilometers from the Sangdong Tungsten Mine, a critical asset in Almonty’s portfolio.

Under the terms of the MOU, Almonty’s subsidiary, Almonty Korea Tungsten Corporation (AKTC), will invest approximately 140 billion won (around US$101 million) in developing a new 60,000 square meter facility within the Yeongwol County Opportunity Development Special Zone. This facility will focus on refining, smelting, and producing tungsten and tungsten alloys, materials crucial for high-tech industries.

Yeongwol County has committed to providing comprehensive legal and institutional support, facilitating Almonty’s ambitious project. This new plant not only signifies a major industrial expansion but also marks a significant move towards regional economic revitalization and job creation.

Choi Myeong-Seo, the Governor of Yeongwol County, expressed his optimism about the project, highlighting the collaborative efforts to overcome previous challenges and the potential for substantial local economic benefits. “As a large-scale investment in Yeongwol-gun, I hope it will be of great help as it is implemented well according to this MOU agreement,” he stated.

Yoo Woo-jong, Vice President of AKTC, underscored the strategic importance of the investment, noting that it would enhance the local economy and contribute to a national resource security system. He emphasized the future role of Yeongwol-gun in leading the development of a critical mineral industrial complex in Gangwon-do.

This new facility will not only boost Almonty’s production capacity but also enhance its ability to serve the high-tech sectors that rely on tungsten. The strategic location near the Sangdong Tungsten Mine will facilitate efficient operations and leverage local resources effectively.

The initiative is expected to attract further investments and companies to the region, particularly to the burgeoning critical mineral industrial belt, thus providing new growth engines for the economy of Gangwon Special Self-governing Province.

The signing ceremony was marked by the presence of significant figures, including Choi Myung-seo, Governor of Yeongwol County, Yoo Woo-jong and Manuel Pacheco from AKTC, and regional government officials, reflecting the high stakes and mutual commitments involved in this project.