Almonty gets ECA cover for Sangdong mine financing

Preliminary ECA cover for Toronto-based tungsten group Almonty Industries' Sangdong mining project in South Korea has been issued by OeKB. The Austrian ECA is underpinning a binding commitment from KfW IPEX for a $76 million loan for the scheme. Loan documentation is now being drafted and signing and financial close are expected to swiftly follow.

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.