Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII /
ASX: AII / OTCQX: ALMTF / Frankfurt: ALI.F), is pleased to announce
the appointment of Mr. Fernando Vitorino as Chief Operating Officer
(COO) of AKTC. In this role, Mr. Vitorino will oversee the
Company’s operations, drive operational excellence, and support
AKTC in achieving its key operational and development
objectives.
Fernando Vitorino brings over 30 years of experience in mine
management and over 40 years in financial management, with a proven
track record in leadership, process optimization, and strategic
growth. He has had key roles with Anglo Group subsidiaries in
Mozambique and South Africa. He then returned to Portugal in 1993
to join Beralt Tin and Wolfram at Almonty’s tungsten Panasqueira
Mine, the oldest mining company in Portugal, progressing from
Financial Controller to Financial Manager, and finally to General
Manager, a position he held until 2013. Since then, he has been
instrumental in managing general operations at Los Santos Mine
while in operation as well as in care and maintenance, another
Almonty tungsten mining operation located in Salamanca, in the
western part of Spain, and at Almonty’s Valtreixal project, Sn-WO3
project in North Western Spain. Both companies are 100% owned
subsidiaries of Almonty Industries Inc.
“Fernando Vitorino’s appointment reflects our commitment to
strengthening our operations at the Sangdong Mine,” stated Lewis
Black, Chairman, President, and CEO of Almonty Industries. “His
strategic insight and operational acumen will play a key role in
the swift progress in building the tungsten processing plant, the
production of tungsten concentrates and the construction of the
tungsten oxide plant.”
“I am thrilled to join AKTC at such an exciting time,” stated
Fernando Vitorino. “I look forward to working with the team to
advance our operational capabilities and expedite construction for
processing plant operations before mid-2025.” Currently, the
construction and civil engineering progress at the processing plant
has reached 53.23% as of November 14, 2024, achieved within
approximately 90 days since the work commenced.
In line with its production goals, Almonty aims to begin
producing tungsten concentrate at the Sangdong Mine in 2025 and has
accelerated its plans to construct the tungsten oxide plant by late
2026.
The rapid expansion of the Sangdong Mine takes on greater
significance in the current political and economic climate. With
the new incoming U.S. Administration and the anticipated
implementation of governance policies based on protectionism, a
substantial tightening of regulations on China is expected. As a
result, the likelihood of U.S. companies diversifying their supply
chains for critical minerals will rise, making price increases for
resources such as tungsten inevitable.
The Sangdong Mine will allow Almonty to supply over 10% of
global tungsten consumption and meet 100% of South Korea’s domestic
demand, supporting advanced sectors like secondary batteries and
semiconductors that rely on a stable supply of this critical
mineral.
**About Almonty**
Almonty Industries Inc., based in Toronto, Canada, is a leader
in tungsten mining, processing, and shipping with projects in
Spain, Portugal, and South Korea. The Company’s Sangdong Mine in
South Korea is one of the world’s most substantial and high-grade
tungsten deposits outside of China. Almonty is also developing the
Valtreixal tin/tungsten project in Spain. For further information,
please visit www.almonty.com or www.sedarplus.ca.
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “estimate”,
“project”, “belief”, “anticipate”, “intend”, “expect”, “plan”,
“predict”, “may” or “should” and the negative of these words or
such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. These
statements and information are based on management’s beliefs,
estimates and opinions on the date that statements are made and
reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Almonty
to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: any
specific risks relating to fluctuations in the price of ammonium
para tungstate (“APT”) from which the sale price of Almonty’s
tungsten concentrate is derived, actual results of mining and
exploration activities, environmental, economic and political risks
of the jurisdictions in which Almonty’s operations are located and
changes in project parameters as plans continue to be refined,
forecasts and assessments relating to Almonty’s business, credit
and liquidity risks, hedging risk, competition in the mining
industry, risks related to the market price of Almonty’s shares,
the ability of Almonty to retain key management employees or
procure the services of skilled and experienced personnel, risks
related to claims and legal proceedings against Almonty and any of
its operating mines, risks relating to unknown defects and
impairments, risks related to the adequacy of internal control over
financial reporting, risks related to governmental regulations,
including environmental regulations, risks related to international
operations of Almonty, risks relating to exploration, development
and operations at Almonty’s tungsten mines, the ability of Almonty
to obtain and maintain necessary permits, the ability of Almonty to
comply with applicable laws, regulations and permitting
requirements, lack of suitable infrastructure and employees to
support Almonty’s mining operations, uncertainty in the accuracy of
mineral reserves and mineral resources estimates, production
estimates from Almonty’s mining operations, inability to replace
and expand mineral reserves, uncertainties related to title and
indigenous rights with respect to mineral properties owned directly
or indirectly by Almonty, the ability of Almonty to obtain adequate
financing, the ability of Almonty to complete permitting,
construction, development and expansion, challenges related to
global financial conditions, risks related to future sales or
issuance of equity securities, differences in the interpretation or
application of tax laws and regulations or accounting policies and
rules and acceptance of the TSX of the listing of Almonty shares on
the TSX.
Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to, no
material adverse change in the market price of ammonium para
tungstate (APT), the continuing ability to fund or obtain funding
for outstanding commitments, expectations regarding the resolution
of legal and tax matters, no negative change to applicable laws,
the ability to secure local contractors, employees and assistance
as and when required and on reasonable terms, and such other
assumptions and factors as are set out herein. Although Almonty has
attempted to identify important factors that could cause actual
results, level of activity, performance or achievements to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results, level of activity,
performance or achievements not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate and even if events or results described
in the forward-looking statements are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on, Almonty. Accordingly,
readers should not place undue reliance on forward-looking
statements and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing
list of material factors is not exhaustive. When relying on
Almonty’s forward-looking statements and information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause
any forward-looking statements and information to differ materially
from actual results or events. However, the list of these factors
is not exhaustive and is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.
READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO
UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED
IN ACCORDANCE WITH APPLICABLE LAWS.
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version on businesswire.com: https://www.businesswire.com/news/home/20241118902541/en/
Lewis Black, Chairman, President, and CEO Telephone: +1 647
438-9766 Email: info@almonty.com
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