Almonty Industries (ALM) Rallies 6.6% as Firm Nears Commercial Ops in Korea Mine

We precocious published 10 Firms Stealing the Show connected Wall Street. Almonty Industries Inc. (NASDAQ:ALM) is 1 of the champion performers connected Thursday.

Almonty Industries jumped by 6.64 percent connected Thursday to adjacent astatine $8.35 apiece arsenic investors loaded portfolios up of the looming commencement of commercialized operations of its excavation tract successful South Korea.

In a connection earlier this week, Almonty Industries Inc. (NASDAQ:ALM) said that it has successfully delivered the archetypal truckload of ore to the Run-of-Mine pad astatine the Sangdong Tungsten Mine, which is the last measurement earlier the authoritative commencement of commercialized operations.

“This archetypal ore placement represents a strategical inflection constituent successful advancing Almonty’s ngo to fortify the planetary tungsten proviso chain. Sangdong plays a captious relation successful efforts by the United States, the European Union, and Korea to diversify distant from the China-dominated market, which presently supplies much than 80% of the world’s tungsten,” Almonty Industries Inc. (NASDAQ:ALM) President and CEO Lewis Black said.

“The resumption of accumulation astatine the Sangdong Mine forms the instauration for securing reliable, non-China tungsten proviso to cardinal sectors specified arsenic defense, semiconductors, AI hardware, aerospace, and different high-technology industries,” helium added.

Almonty Industries Inc. (NASDAQ:ALM) acquired the Sangdong excavation erstwhile the US halted its mining operations successful 2015. Since then, it has been moving connected bringing the tract backmost into production.

According to Processing Operations General Manager Arif Priyambodo, the institution has completed each cardinal preparatory works, specified arsenic geological assessment, crushed stabilization, load testing, and instrumentality installation, to beforehand the project.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.