Almonty Industries said that plans are now well advanced to reopen its Los Santos tungsten mine in western Spain, which has been in planned care and maintenance since 2020, via the retreatment of tailings.
The Canadian-based miner has been undertaking studies into the re-commencement of production from Los Santos utilizing its flotation technology developed for the Sangdong tungsten mine in South Korea.
“We have now successfully established that our Sangdong process can commercially treat the Los Santos tails, and with a minimal amount of adjustment to the already existing flotation circuit at Los Santos, we will now begin to plan for bringing the Los Santos mine back into production,” said Chairman, President and CEO Lewis Black.
“This reopening will not distract us from the build in South Korea, as all key members of Los Santos are still in place. We expect this plan, once enacted, to generate similar earnings to our existing Panasqueira production mine in Portugal and therefore will have a material effect to our current revenue and earnings as we continue to construct Sangdong.”
The reopening is tentatively scheduled for the third quarter of CY2023 depending on the delivery times of some floatation plant items. Capital expenditure is expected to be less than US$1.3 million.
Source: Almonty Industries