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Almonty Ups Stake in Spanish Tungsten Project to 51%; Plans to Acquire Remaining 49%.

MANews-(C)2009-2016

7 June 2016 - Canadian mining company Almonty Industries Inc. (TSX Venture: AII) has made a final installment payment of EUR 300,000 and now owns a 51% interest in the Valtreixal tin-tungsten project located in northwestern Spain, the company said.

Almonty has so far made installment payments to date of EUR 1.4m (USD 1.59m) for the 51% ownership interest).

The company has an option to acquire the remaining 49% ownership interest through EUR 2.25m in additional installment payments over the next 30 months.

Almonty has until 24 December 2016 to exercise its option to purchase the remaining 49% and is required to pay EUR 750,000 upon exercise of the option followed by installment payments of EUR 750,000 on the following two anniversary dates that the option is exercised.

The principal business of Almonty is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal tin/tungsten project in northwestern Spain.

Country: Spain

Sector: Metals/Mining

Target: 51% interest in the Valtreixal tin-tungsten project

Buyer: Almonty Industries Inc

Vendor:

Deal size in USD: 1.59m

Type: Stakebuilding

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:4EUSP
Date:Jun 7, 2016
Words:228
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