Almonty Industries Inc. said March 13 that it entered into a new off-take agreement with an existing customer for the tungsten concentrate to be mined and processed at the company's Sangdong mine in South Korea.
The 10-year deal will result in revenue of about C$500 million to the company, based on the current pricing model.
The transaction enables Almonty to satisfy one of the final conditions to the financing arrangements that it is pursuing for the Sangdong development.
In late December 2017, the company awarded the POSCO unit a 40.3-billion-won engineering, procurement and construction contract for development activities at the Sangdong project.
As of March 13, US$1 was equivalent to 1,063.75 South Korean won.
