04:55 PM EDT, 07/11/2024 (MT Newswires) -- Almonty Industries ( ALMTF ) said Thursday its wholly owned subsidiary, Almonty Korea Tungsten Corporation (AKTC), signed a memorandum of understanding (MOU) with the Yeongwol County Office in South Korea to secure the location of the Sangdong Downstream Tungsten Oxide Plant.

Yeongwol is located approximately 30 kilometers from the Sangdong Tungsten Mine and will be a hub for high-tech industries utilizing local mineral resources.

Key terms of the MOU include that AKTC proposes to establish a factory of about 60,000 square meters within the Yeongwol County Opportunity Development Special Zone to produce refined and smelted tungsten, and tungsten alloys.

During the process, AKTC plans to invest approximately 100-billion won (approximately US$72 million) in the construction of the downstream tungsten oxide plant, and an additional 40-billion won (approximately US$29 million) in processing-plant facility upgrades required to increase tungsten concentrate production at the Sangdong Tungsten Mine.