Sangdong Downstream Extension Project Progressing
Almonty Industries Inc. (" Almonty " or the " Company ") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce an update in relation to the proposed nano tungsten oxide downstream processing plant
TORONTO--(BUSINESS WIRE)--Sep 21, 2022--
Almonty Industries Inc. (" Almonty " or the " Company ") (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce an update in relation to the proposed nano tungsten oxide downstream processing plant.
As announced on March 30, 2022, Almonty is investigating the construction of a vertically integrated nano tungsten oxide downstream processing plant (Sangdong Downstream Extension Project) to supply the South Korean battery anode and cathode manufacturing industry. As also announced, the funding for the Sangdong Downstream Extension Project is expected to be sourced from KfW IPEX-Bank (“KfW”), the Company's existing debt provider which has already executed a letter of intent (“ LOI” ) for up to US$50 million of additional funding for this purpose.
Almonty is pleased to announce that it is consulting with IAF Holding GmbH, a process engineering firm that specialises in the design and construction of specialist processing facilities, to design and construct the Sangdong Downstream Extension Project processing facility.
