Almonty to receive $76m KfW-IPEX financing for Sangdong project
Toronto-based tungsten group Almonty Industries has received a binding commitment letter for $76 million from Germany's KfW IPEX–Bank for the proposed project financing of its Sangdong Mine in South Korea.
Austria’s export credit agency Osterreichische Kontrollbank (OeKB) is committed to providing an Import Credit Scheme cover guarantee. The 6.25-year loan carries an interest rate of Libor plus 2.5%, although Almonty expects this to reduce on issuance of the ECA cover.
Lewis Black, Chief Executive Officer of Almonty, said: "With this announcement our 100% owned Sangdong project will now be built." The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp.
