Almonty Industries (TSE:AII) has released an update.
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Almonty Industries, through its subsidiary Almonty Korea Tungsten Corporation, has secured a memorandum of understanding with Yeongwol County in South Korea to establish a new tungsten oxide plant near the Sangdong Tungsten Mine. The company plans to invest around US$72 million in the new plant and an additional US$29 million in the mine to enhance tungsten concentrate production, aiming to boost the local economy and Korea’s resource security for high-tech industries.
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