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TORONTO -- (Business Wire)
Almonty Industries Inc. (TSX-V:AII) (“Almonty”) is very happy to
announce that its fully owned subsidiary, Beralt Tin and Wolfram
(Portugal) S.A., which operates the Panasqueira Tungsten Mine in
Portugal, has reached a comprehensive agreement with Crominet Mining
Processing SA (PTY) Ltd. (“Crominet”), which is expected to
result in an increase to its overall recovery.
Currently, at Panasqueira, a Heavy Media Separation unit generates a
pre-concentrate which is then upgraded by gravimetric methods to produce
an outstanding final concentrate containing 75% WO3, considered to be
the highest commercially available grade in the world.
Tailings from the said Heavy Media Separation unit containing, in
average, 0.03% WO3, were sent to Crominet facilities where XRT sorting
tests showed a possible recovery of up to 93.6% of the contained
tungsten. The pre-concentrate here obtained will be upgraded on the
existing installations together with the pre-concentrate referred above.
Under the agreement with Crominet, Crominet will install and operate at
Panasqueira an XRT ore sorter and respective ancillary equipment with
enough capacity to treat the totality of the tailings generated by the
Heavy Media Separation unit.
This XRT ore sorter installation is scheduled to start operating by
October 2017.
The extra recovery expected to be achieved could represent a
conservative increase of 10% on Panasqueira’s annual production.
Depending on how the extra recovery is ultimately measured, the
installation of more XRT ore sorters to reclaim material from other
tailings facilities may be considered.
Almonty also announced the filing of an updated technical report under
National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators to reflect
developments at the Wolfram Camp Mine. The technical report provides for
updated operational costs, both in mine, plant and G&A.
Plant upgrades are currently being implemented which are expected to
increase plant processing capacity from 400,000 tpa to 518,000 tpa.
The design focus for recent updates to the plant process has been to
improve the recovery of wolframite by minimising over-grinding of the
ore. This will be achieved by increasing the number of ore crushing and
screening stages, thereby improving the control of the grinding process.
By removing the ball mill (as used previously) and using instead
additional cone crushers, it is intended that the generation of
excessive quantities of ultra-fines will be avoided.
As a result of the plant updates, a different type of tailings will be
produced. Rather than a homogenous tailings, the tailings will be
classified into a fine and a coarse fraction. The coarse fraction can
then be dry-stacked efficiently, with the advantage of not occupying
volume within the tailings dam. This material may also potentially be
used to facilitate site rehabilitation works. It is expected that the
fine fraction will represent approximately 10% of the tailings generated
instead of the entire amount as previously was happening. Along with the
mass reduction obtained using the ore sorters, the gravimetric circuit
will only be fed with 55.6% of the overall processed tonnage. Therefore,
the fine tailings fraction tonnage will be 5.56 % of the overall plant
feed. Based on current modelling, the plant feed is expected to be
518,400 tpa, meaning the fine tailings fraction will be 28,823
tonnes/annum. This much reduced fine tailings output will delay the need
for developing a new tailings storage facility.
Alternative methods for disposal of fine tailings are also being
considered, which include use of a filter press to produce a filter
cake, and possible use of the current Main Pit when it has been
exhausted.
Current modelling implies that 90% of the total tailings produced will
be coarse tailings, which represents approximately 50% of the total
plant feed. It is planned that the coarse tailings fraction will be
stored downstream of the TSF2 embankment. This will initially permit the
collection of the residual process water in the existing mine water dam
(MWD) for re-use in the plant. During this stage, another water dam that
is already approved as the Mine Water Management Dam (MWMD) will be
constructed downstream of both the MWD and TSF3. This would permit the
former MWD to be backfilled with tailings and subsequently permit use of
the entire area between the TSF3 and TSF2 walls to be used to store
coarse tailings. It would also provide a more suitable dam for water
storage and recovery.
It is planned to utilise a water treatment plant to thicken the fine
tailings fraction and to provide clarified water for re-use in the
processing plant. Historically, the lack of clean recycled water has
caused problems in the processing plant, with accelerated wear of
equipment and diminished separation performance in the flotation and
gravity circuits. It is anticipated that in addition to improving the
physical properties of the water, there will be an increased water
recovery efficiency, as the tailings are better dewatered prior to
disposal.
Almonty’s Chairman, President and CEO Lewis Black said:
“We anticipate that this agreement with Crominet will allow us to
enhance productivity at Panasquiera and this contribute to improved
financial performance. We continue to work with Crominet to assess all
our current projects in Spain, Australia and Korea in regard to
efficient reprocessing of our tailings. Crominet have expressed that
they are extremely comfortable in working with what they consider to be
an extremely professional and knowledgeable Tungsten team at Almonty. In
addition, the conclusions of the updated technical report at the Wolfram
Camp Mine equally are expected to drive further efficiency of
production. These represent further measures deployed by Almonty to
provide for increased efficiency in its operations which has allowed us
to weather the down-turn in pricing for tungsten concentrate.”
About Almonty
The principal business of Toronto, Canada-based Almonty Industries Inc.
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 north western Spain. The Los
Santos Mine was acquired by Almonty in September 2011 and is located
approximately 50 kilometres from Salamanca in western Spain and produces
tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in
September 2014 and is located approximately 130 kilometres west of
Cairns in northern Queensland, Australia and has produced tungsten and
molybdenum concentrate, although the Wolfram Camp Mine is not currently
producing due to ongoing refurbishment of the processing plant. The
Panasqueira mine, which has been in production since 1896, is located
approximately 260 kilometres northeast of Lisbon, Portugal, was acquired
in January 2016 and produces tungsten concentrate. The Sangdong mine,
which was historically one of the largest tungsten mines in the world
and one of the few long-life, high-grade tungsten deposits outside of
China, was acquired in September 2015 through the acquisition of a 100%
interest in Woulfe Mining Corp. Almonty has a 100% ownership interest
in, the Valtreixal tin-tungsten project in north-western Spain. Further
information about Almonty’s activities may be found at www.almonty.com
and under Almonty’s profile at www.sedar.com.
Legal Notice
The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restrictions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “estimate”, “project”,
“belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or
“should” and the negative of these words or such variations thereon or
comparable terminology are intended to identify forward-looking
statements and information. This press release contains forward-looking
statements and information including, without limitation increasing its
plant recovery at Panasquiera; obtaining a possible recovery of up to
93.6% of the contained tungsten from tailings; the commencement of
operations of the XRT ore sorter by October 2017; that the extra
recovery expected to be achieved could represent an increase of 10% on
Panasqueira’s annual production; the expected increase in plant
processing capacity at the Wolfram Camp Mine from 400,000 tpa to 518,000
tpa; that the fine fraction of tailings will represent approximately 10%
of the tailings generated at Wolfram Camp; and that reduced fine
tailings output will delay the need for developing a new tailings
storage facility. These statements and information are based on
management’s beliefs, estimates and opinions on the date that statements
are made and reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of Almonty to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: any specific risks relating to
fluctuations in the price of ammonium para tungstate (“APT”) from which
the sale price of Almonty’s tungsten concentrate is derived, actual
results of mining and exploration activities, environmental, economic
and political risks of the jurisdictions in which Almonty’s operations
are located and changes in project parameters as plans continue to be
refined, forecasts and assessments relating to Almonty’s business,
credit and liquidity risks, hedging risk, competition in the mining
industry, risks related to the market price of Almonty’s shares, the
ability of Almonty to retain key management employees or procure the
services of skilled and experienced personnel, risks related to claims
and legal proceedings against Almonty and any of its operating mines,
risks relating to unknown defects and impairments, risks related to the
adequacy of internal control over financial reporting, risks related to
governmental regulations, including environmental regulations, risks
related to international operations of Almonty, risks relating to
exploration, development and operations at Almonty’s tungsten mines, the
ability of Almonty to obtain and maintain necessary permits, the ability
of Almonty to comply with applicable laws, regulations and permitting
requirements, lack of suitable infrastructure and employees to support
Almonty’s mining operations, uncertainty in the accuracy of mineral
reserves and mineral resources estimates, production estimates from
Almonty’s mining operations, inability to replace and expand mineral
reserves, uncertainties related to title and indigenous rights with
respect to mineral properties owned directly or indirectly by Almonty,
the ability of Almonty to obtain adequate financing, the ability of
Almonty to complete permitting, construction, development and expansion,
challenges related to global financial conditions, risks related to
future sales or issuance of equity securities, differences in the
interpretation or application of tax laws and regulations or accounting
policies and rules and acceptance of the TSX-V of the listing of Almonty
shares on the TSX-V.
Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to, no material
adverse change in the market price of ammonium para tungstate (APT), the
continuing ability to fund or obtain funding for outstanding
commitments, expectations regarding the resolution of legal and tax
matters, no negative change to applicable laws, the ability to secure
local contractors, employees and assistance as and when required and on
reasonable terms, and such other assumptions and factors as are set out
herein. Although Almonty has attempted to identify important factors
that could cause actual results, level of activity, performance or
achievements to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results, level of activity, performance or achievements not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate and even if events
or results described in the forward-looking statements are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, Almonty. Accordingly,
readers should not place undue reliance on forward-looking statements
and are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing list of
material factors is not exhaustive. When relying on Almonty’s
forward-looking statements and information to make decisions, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events.
Almonty has also assumed that material factors will not cause any
forward-looking statements and information to differ materially from
actual results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance that
such assumptions will reflect the actual outcome of such items or
factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE
ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION
AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170515005220/en/
Contacts:
For further information, please contact:
Almonty Industries
Inc.
Lewis Black, +1 647 438-9766
Chairman, President and CEO
info@almonty.com
Source: Almonty Industries Inc.
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