AII Almonty Industries (delisted)

EDISON EQUITY RESEARCH: Almonty Industries - C$1.5m reduction in the WCM acquisition price

Almonty has announced a C$1.5m reduction in the Wolfram Camp Mine (WCM) acquisition cost, stemming from the project’s working capital adjustment. This will be satisfied through the surrender of a respective portion of the convertible debt issued to Deutsche Rohstoff. This reduction in net debt increases our valuation of the company to C$1.32/share.

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. The company produced 89kmtu of contained WO3 in FY14 and we expect it to deliver 169kmtu in FY15 as it fully consolidates WCM.


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