Gangwon Province Restarts Yeongwol Tungsten Production After 32 Years... "Establishing a Fully Self-Sufficient System"

Gangwon Province Announces Plan to Foster Critical Minerals (Tungsten)
"The 46 Trillion Won Value Awakened" ? Yeongwol Sangdong Tungsten
Revival of a National Critical Minerals Hub... 2,100 Tons to Be Produced in the First Half of the Year
Governor Jintae Kim: "Aiming for Zero Import Dependence... Establishing a Critical Minerals Cluster"

On January 15, Jintae Kim, Governor of Gangwon Special Self-Governing Province, announced a plan to foster critical minerals (tungsten) centered on the Yeongwol Sangdong tungsten mine, together with Steven Allen, Chief Operating Officer (COO) of Almonty Industries Inc., Myungseo Choi, Mayor of Yeongwol County, and other officials.

Jin Tae Kim, Governor of Gangwon Special Self-Governing Province, announced on the 15th a plan to foster critical minerals (tungsten) centered on the Yeongwol Sangdong tungsten mine together with Steven Allen, Chief Operating Officer (COO) of Almonty Industries Inc. Gangwon Province Public Relations Office

Tungsten is one of the 38 nationally designated critical minerals and is an essential resource used across national strategic industries such as semiconductors and defense. The Yeongwol Sangdong tungsten mine boasts a high grade of 0.44%, which is about 2.5 times higher than the global average (0.18-0.19%). Currently, South Korea relies entirely on imports for its tungsten supply, making Sangdong-eup in Yeongwol County the only region in the country prepared for domestic tungsten production.

The economic value of the tungsten concentrate (65% grade) is estimated at approximately 27 trillion won, and if produced as tungsten oxide (99% grade), the value is expected to reach about 46 trillion won.

On this day, Almonty Industries Inc. outlined its plans for tungsten production and export, as well as domestic supply strategies. The ore processing plant is currently in its final stages, and after pilot production, full-scale production and shipment are expected to begin within this year.

In the first phase, 2,300 tons will be produced annually at the ore processing plant, and under contract, the entire amount will be exported to the United States for the next 15 years. With future plant expansion, an additional 2,100 tons can be produced annually. Once the refining plant within the core materials complex is completed, it will be possible to domestically process and produce tungsten oxide with a purity of 99.9%.

This is expected to significantly reduce South Korea's dependence on foreign sources for critical minerals and greatly contribute to securing national supply chain stability.

This critical minerals development plan is closely linked to the province's ongoing strategies for future high-tech industries such as semiconductors and defense. The province aims to foster the tungsten industry as a foundational material supply base for national strategic industries, while also using Yeongwol County as a core hub for regional industrial revitalization and the creation of future growth engines.

Jintae Kim, Governor of Gangwon Special Self-Governing Province, announced on the 15th a plan to foster critical minerals (tungsten) centered on the Sangdong tungsten mine in Yeongwol, together with Steven Allen, Chief Operating Officer (COO) of Almonty Industries Inc., and Myungseo Choi, Mayor of Yeongwol County. Provided by Gangwon Province

Additionally, Yeongwol County is promoting the development of downstream industries by establishing a core materials complex for advanced industries based on tungsten, attracting companies in materials, processing, and applications. The county is also pursuing designation as a regulatory free zone to foster a low-carbon materials industry utilizing tailings generated during the mining process.

COO Steven Allen stated, "Yeongwol tungsten is considered a strategic asset not only for Korea but also for the global supply chain." He added, "We will strictly comply with relevant laws, strengthen industrial competitiveness, and contribute to the security of strategic resources," and continued, "We look forward to continued cooperation to ensure stable production at the Sangdong mine."

Governor Jintae Kim said, "After 32 years, tungsten production has resumed, restoring the reputation of Sangdong." He continued, "Within the next two months, the Sangdong tungsten ore processing plant will be completed, and with annual production of 2,100 tons, each ton will be worth about 100 million won." He emphasized, "We will establish a critical minerals cluster, covering everything from attracting companies to R&D, and transition from 100% reliance on foreign sources to a fully self-sufficient system."