Almonty Industries Inc. (TSXV:III) signed a Memorandum of Understanding (MOU) with Global Tungsten & Powders Corp. (GTP) for up to US$20.0 million in financing and an off-take commitment for its next tungsten project.
As quoted in the press release:
Almonty is currently evaluating several potential tungsten mining projects that are at various stages of due diligence. No definitive agreements have been reached on any of the opportunities currently being evaluated by Almonty. Definitive terms of the Financing and Off-Take Commitment will be finalized once Almonty has reached a definitive agreement to acquire its next tungsten mining project.
Almonty Industries Inc. CEO, Lewis Black, said:
We are pleased to have been able to have reached an understanding with GTP, one of the world’s largest consumers of tungsten concentrate, with respect its willingness to back Almonty with up to $20.0 million in financing and a commitment to purchase a portion of the output of the next tungsten mine Almonty brings into production. This MOU and Off-Take Commitment demonstrates GTP’s faith in the Almonty team’s ability to deliver reliable sources of tungsten concentrate supply from current and future projects. Almonty looks forward to partnering with GTP on the next tungsten mining project we bring into production.