Almonty Industries : Announces Execution of Memorandum of Understanding with Provincial and County Governments for Collaboration and Supports for Sangdong Mine Development Project
05/10/2020 | 08:29pm EDT
TORONTO - (BUSINESS WIRE) - May 7, 2020 - Almonty Industries Inc. (TSX:AII) ('Almonty') announces the execution of a Memorandum of Understanding ('MOU') among Gangwon Provincial Government, Yeongwol County Government and Almonty Korea Tungsten ('AKT'), its wholly owned subsidiary in South Korea on the 7th of May, 2020.
The MOU was signed in the Office of Gangwon Provincial Government by Governor Moon-Soon Choi, Mayor Myeong-Seo Choi of Yeongwol County, Mr. Tiger Kim - Almonty's Korea Representative, and Mr. Lewis Black - President & CEO of AKT who joined the ceremony via video conferencing due to the travel restriction set by COVID-19.
The MOU stipulates that, in recognition of the importance of tungsten and the development of Sangdong Mine to the national economy and competitiveness, both municipal governments shall cooperate as much as possible for administrative and financial supports including grant of permits, subsidies and tax exemption. It also states that the municipal governments shall fully cooperate and support in providing required infrastructure for the successful development of the project.
In the press conference followed, the Governor and the Mayor disclosed the plan to reinforce the Provincial and County Decrees to include the development of tungsten, one of the '5 Critical Materials' designated by the Korean government, as the strategic area of thrust for the Province together with rare earth elements which will materialize the long-cherished plan for developing the Province as the hub of strategic minerals taking advantage of its mineral richness and geographical proximity to North Korea.
Almonty's Chairman, President and CEO Lewis Black said:
'We take this execution of MOU as a meaningful event in the development of the Sangdong tungsten mine. In addition to the administrative supports provided by both municipal governments to date, this MOU will surely provide a momentum to the facilitation of the ongoing process of the US$76 million KfW IPEX-Bank project loan closure. The designation of tungsten as one of '5 Critical Materials' of the nation and the declaration of the Sangdong project as one of the backbones of the strategic mineral hub signify how the governments of Korea view the Sangdong Mine project. As stated in the MOU signing ceremony to His Excellency Governor Choi, Mayor Choi and the press, it is our duty and obligation to return the overwhelming supports of municipal governments and the community through the successful completion of the Sangdong project, making it the representative mine of Korea in every aspect. Particularly, we will put in our best to complete the mission given to us by the Governor and the Mayor to develop Sangdong as a center of Korea's global competitiveness in the era of intensifying resource war.'
Almonty Industries Inc. published this content on 11 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2020 00:28:04 UTC