Almonty interested in some more Tungsten assets ???
Tungsten pricing about to go much higher now.... Cantung/Mactung not
far from coming-off maintenance mode now.
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Almonty Announces it Has Entered into Several 1-Year Fixed Price Contracts for Tungsten Concentrate Set at US$210 Per MTU
(Implied APT Price of US$269 Per MTU)
November 29, 2016 10:36 AM Eastern Standard Time
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (TSX-V:AII) (“Almonty”) announces that it has entered several 1-year fixed price off-take agreements with its existing customers. The net price to be received under the contracts is US$210 per MTU of contained tungsten, equating to an effective APT price of US$269 per MTU (assuming an industry average discount factor). The current average spot market price of APT is approximately US$200 per MTU. These contracts become effective January 1st 2017.
Almonty’s Chairman, President and CEO Lewis Black said:
“Entering several one-year fixed priced contracts and achieving a price of US$210 per MTU of contained tungsten for our concentrate forecasts a return to profitability at Panasqueira for the coming year. We fully expect the rest of the industry to move to a negotiated fixed price contract environment due to the continued limited availability of tungsten concentrate in the spot market and the ongoing illiquidity of the current pricing mechanisms.”
About Almonty
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and has produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing refurbishment of the processing plant. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 51% of, and also has an irrevocable option to acquire a 100% ownership interest in, the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.
