Almonty Industries Inc., a global mining company, has recently announced the execution of an MOU (Memorandum of Understanding). The MOU has been executed among Yeongwol County Government, Gangwon Provincial Government, & Almonty Korea Tungsten (AKT), the company’s wholly owned subsidiary, on 7th May 2020.
The MOU was signed by the Governor - Moon-Soon Choi, Yeongwol County’s Mayor - Myeong-Seo Choi, Almonty's Korea Representative - Mr. Tiger Kim, and AKT’s CEO & President - Mr. Lewis Black in the Gangwon Provincial Government office. They conducted the event via video conferencing due to the COVID-19 pandemic posing travel restrictions.
According to the MOU, both municipal governments shall adequately cooperate for financial and administrative support, including subsidies, tax exemption, and grant of permits. These have been stipulated in recognition of the importance of Sangdong Mine development and tungsten in increasing competitiveness as well as to the national economy. It also requires the full support and cooperation of the municipal governments in offering the required infrastructure to develop the project successfully.
The Governor & the Mayor reportedly disclosed the plan to reinforce the County and Provincial Decrees. This was intended to include the tungsten development, one of the ‘five Critical Materials’ designated by the government of Korea, as the strategic area of thrust for the Province. This also included rare earth elements that will materialize the long-standing plan for the development of the Province as a strategic minerals’ hub due to its geographical closeness to North Korea and mineral richness.
According to Lewis Black, Chairman, President & CEO of Almonty, the MOU will offer a momentum to the ongoing process facilitation of the KfW IPEX-Bank project loan closure worth $76 million. The company is undertaking the mission to successfully complete the Sangdong project and return the tremendous supports of the community and governments. The Sangdong Mine will become Korea’s representative mine in every aspect during the era of increasing resource war.