Further consolidation of the western tungsten market
Heidelberg/Toronto. Almonty Industries (DRAG share 13,7%) announced today, that it has acquired the Portugese Panasqueira mine from Sojitz Tungsten Resources Inc. at a symbolic price of one Euro. In addition, Almonty purchased EUR 12.3 million in aggregate principal amount of debt owed to Sojitz for a cash payment of EUR 1,5 million. EUR 1 million of this amount is due with closing of the transaction. For the remaining EUR 500,000, Sojitz issued a loan to Almonty at 4% interest p.a. maturing on 30 November 2017.
Lewis Black, President & CEO of Almonty said, “We are pleased to have concluded the acquisition of Panasqueira, a mine well known to the Almonty team. This acquisition furthers our goal of becoming the leading producer of tungsten concentrate outside of China with assets located in secure, mining friendly, jurisdictions and adds significantly to both our tungsten reserves and resources as well as deepens our expertise in the sector with the addition of a top quality tungsten mining and metallurgical team.”
Thomas Gutschlag, CEO of Deutsche Rohstoff AG and Almonty board member, comments: „With this transaction, Almonty continues its impressive growth strategy. The company now has three producing mines as well as two outstanding development projects and it continues to take advantage of the weak commodity market through sector consolidation.”
A detailed press release can be found on Almonty’s website: http://www.almonty.com.
Heidelberg, 29 December 2015
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.
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