Almonty Industries Inc is to acquire tungsten producer Woulfe Mining Corp, making it one of the world’s largest producers of tungsten.
Both companies also produce molybdenum. Woulfe’s principal asset is the 100% owned Sangdong tungsten/molybdenum project located in South Korea, located 187 km southeast of Seoul, while Almonty owns the producing Los Santos tungsten mine in Spain, and the producing Wolfram Camp tungsten and molybdenum mine in Queensland Australia.
‘This transaction represents the opportunity to combine one of the world’s most promising undeveloped tungsten assets with our significant portfolio of producing assets, to create a truly global tungsten powerhouse,’ said Lewis Black, president and CEO of Almonty. ‘Almonty has already established itself as a leading producer of tungsten outside of China and premier consolidator of global tungsten assets. With the addition of Woulfe’s flagship Sangdong mine, we are confident about the combined team’s ability to unlock significant value from our collective assets for our combined shareholders.’
This story is reprinted from material from Almonty Industries, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
