Almonty Industries Completes Acquisition of Panasqueira Tungsten Mine, Portugal
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Almonty Industries Inc. has acquired a 100 percent ownership interest in Beralt Ventures Inc. (BVI) from Sojitz Tungsten Resources, Inc. BVI, through its wholly-owned subsidiaries, is the 100 percent owner of the various rights and interests comprising the Panasqueira tungsten mine in Covilha, Castelo Branco, Portugal. Almonty acquired 100 percent of BVI and purchased €12,260,000 in aggregate principal amount of debt owed by Sojitz Beralt Tin & Wolfram (Portugal), S.A., a wholly-owned subsidiary of BVI, to Sojitz Corporation of Japan in exchange for a cash payment of €1,000,000 on closing and a promissory note issued by Almonty in the principal amount of €500,000.
About Almonty Industries Inc.
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; 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 kilometers 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 kilometers west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum concentrate. The Panasqueira mine, which has been in production since 1896, and is located approximately 260 kilometers northeast of Lisbon, Portugal, was acquired in January 2016. 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 percent interest in Woulfe Mining Corp. Almonty also has an option to acquire a 100 percent ownership interest in the Valtreixal tin-tungsten project in northwestern Spain.
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