Almonti Daehan Jukseok, "Resumption of Tungsten Concentrate Production at Sangdong Mine"

2024 Sangdong Mine Business Vision Declaration Ceremony Held

Almonti Daehan Jungseok CEO Luis Black is giving a greeting speech at the vision declaration ceremony held on the 10th. Photo by Almonti Daehan Jungseok.

Almonty Korea Tungsten announced on the 10th at the Seongwangjang site of the Sangdong Mine in Yeongwol, Gangwon Province, during the '2024 Sangdong Mine Business Vision Declaration Ceremony for Establishing a Core Mineral Supply Chain' that it plans to resume tungsten concentrate production in 2025 and complete the construction of a tungsten oxide plant by the end of 2026.

At the vision declaration ceremony, Almonty Korea Tungsten CEO Lewis Black stated, "The Sangdong Mine is an important asset symbolizing the history of Korea's tungsten industry, and today's declaration ceremony is the first step to rewriting that history." He expressed the company's vision to quickly achieve "self-sufficiency in Korea's tungsten supply and demand and to lead the global tungsten market." CEO Black also emphasized pursuing sustainable growth through ESG management by closely cooperating with the local community.

In a congratulatory message delivered via video, Assemblyman Yoo Sang-beom said, "Tungsten is the essential 'rice' of future industries such as semiconductors, space industry, and electric vehicles," and added, "I hope Almonty Korea Tungsten's redevelopment project of the Sangdong Mine succeeds in establishing a core mineral supply chain for the 4th industrial revolution, creating quality jobs, revitalizing the local economy, and growing into a respected company fulfilling its social responsibilities."

County Governor Choi Myung-seo, in his congratulatory remarks, described the redevelopment of the Sangdong Mine as "an important foundation representing the overall industrial development of Yeongwol County," and said, "Yeongwol County will do its utmost to create jobs for local residents and promote economic revival by actively attracting tungsten-related upstream and downstream companies through the establishment of a core materials industrial complex."

Seongjuheon, Chairman of the Yeongwol County Council, expressed expectations that the redevelopment of the Sangdong Mine will revitalize the local economy and lead to greater development of Yeongwol County. Jeong Gwang-yeol, Deputy Governor for Economy of Gangwon Special Self-Governing Province, also stated that he hopes the redevelopment of the Sangdong Mine will grow as Korea's future growth engine while pursuing the dual goals of sustainable economic growth and environmental protection.

Attendees at the vision declaration ceremony included former U.S. Senator Alfonse D’Amato of the Republican Party, Kai Hartmanshenn, Director of KfW IPEX Bank Asia Region from Germany’s national development bank, Park In-soo, Representative of the Ontario Government Trade and Investment Office in Korea, and Senior Trade Commissioner Ahn Gye-hwan. Officials from the Ministry of Trade, Industry and Energy, Korea Institute of Geoscience and Mineral Resources (KIGAM), Korea Mine Reclamation Corporation, Gangwon Domin Ilbo, and Korea Mine Reclamation Association were also present.

Gangwon Special Self-Governing Province estimates that the direct and indirect economic ripple effects from the redevelopment of the Sangdong Mine will reach a total of 533 billion KRW. The direct employment is expected to be 250 people, with indirect employment effects estimated at 1,600 people, six times the direct employment.