AII Almonty Industries (delisted)

EDISON EQUITY RESEARCH: ALMONTY INDUSTRIES - SHARE BUYBACK EXTENSION

Almonty has announced its intention to renew its share buyback programme, totalling 1.43m shares, or 2.9% of the outstanding share capital. At the current share price, the company would spend c C$0.9m. While relatively small, the buyback is marginally accretive to the EPS and valuation. 

Almonty Industries is an independent tungsten producer, with two operating mines – Los Santos in Spain and Wolfram Camp in Australia – and the development-stage Valtreixal tungsten-tin project in Spain. We expect the company to produce c 90kmtu of contained WO3 in FY14, rising to 172kmtu in FY15 as it fully consolidates WCM.

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