Almonty Industries and Woulfe Mining have entered into an arrangement where Almonty will acquire all of the outstanding common shares of Woulfe by way of a court approved plan of arrangement. The proposed arrangement is expected to close in early September, subject to satisfaction of certain customary conditions.
Almonty’s assets are comprised of two producing mines in Australia and Spain producing more than 1,800 metric tons of tungsten per year.
“This transaction represents the opportunity to combine one of the world’s most promising undeveloped tungsten assets with our significant portfolio of producing assets, to create a truly global tungsten powerhouse,” said Lewis Black, president and CEO of Almonty. “Almonty has already established itself as a leading producer of tungsten outside of China and premier consolidator of global tungsten assets. With the addition of Woulfe’s flagship Sangdong mine, we are confident about the combined team’s ability to unlock significant value from our collective assets for our combined shareholders.”
Woulfe’s principal asset is the Sangdong tungsten/molybdenum project located in South Korea, about 187 km southeast of Seoul. The property is comprised of 12 mining rights with an aggregate area of 3,173 hectares. Woulfe recently completed a 2015 Resource Update and Feasibility Study in accordance with National Instrument 43-101 on the Sangdong mine.
Almonty’s principal assets are the producing Los Santos tungsten mine in Spain, and the producing Wolfram Camp tungsten and molybdenum mine in Queensland Australia. In addition, Almonty is working toward the commissioning of the Valtreixal tin/tungsten mine in northwestern Spain with anticipated production in 2017.