AII Almonty Industries (delisted)

EDISON EQUITY RESEARCH: ALMONTY INDUSTRIES - PROPOSED MERGER WITH WOULFE MINING

Almonty Industries has announced its intention to merge with Woulfe Mining, which owns the past-producing Sangdong tungsten project in South Korea. This deal could elevate the combined company into the top ranks of the industry, potentially making it the largest upstream tungsten producer outside China.

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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