The region hosting Almonty Industries’ (TSX:AII) Sangdong Mine has been recognised by the South Korean Ministry of Trade, Industry, and Energy (MOTIE) as a priority site to attract large-scale corporate investment.
MOTIE made the declaration at the 2024 Korea Local Era Expo ceremony held in Chuncheon, South Korea, announcing that six regions in Gangwon Province have been designated as ‘opportunity development special zones’.
Among these zones is Yeongwol County, home to the Almonty’s Sangdong Mine. This designation supports Yeongwol County’s strategic focus on critical minerals, providing tax breaks, subsidies, and infrastructure improvements to foster industry-specific growth, creating jobs and encouraging new business opportunities, particularly in mineral processing and manufacturing.
As a participant in Yeongwol County’s opportunity development special zones, Almonty says it is committed to sustainable practices, minimising environmental impacts, and engaging with the local community to ensure that the Sangdong Mine’s expansion aligns with regional development goals.
The designation highlights Yeongwol County’s strategic focus on critical minerals, positioning it as a potential key materials production hub for South Korea.
As part of this initiative, Yeongwol County is developing an advanced core materials industrial complex that will specialise in tungsten, pumice, and magnesium. This industrial complex will span 153,750 square metres in Nokjeon-ri, Sansol-myeon, located 35km from Almonty’s Sangdong Mine site.
Almonty’s downstream tungsten oxide plant will be constructed here on a dedicated 60,000-square-metre site.
The Sangdong Mine positions Almonty to supply more than 10% of global tungsten consumption, meeting 100% of South Korea’s domestic demand for this critical mineral used in advanced sectors like secondary batteries and semiconductors.
Write to Adam Orlando at Mining.com.au
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