Almonty Signed New Agreement to Boost Recycling of Rate Earth Metals

SEATTLE (Scrap Monster): Toronto-based rare earth metal recycling company Almonty Industries, Inc. announced that it has signed a memorandum of understanding (MoU) with Korean Mine Rehabilitation and Resource Corp. (KOMIR) and Hannae For T Ltd. The company, along with its partners, will strengthen the South Korean domestic supply chain through joint promotion of recycling of rare earth metals such as tungsten and molybdenum from “scrap resources and tungsten concentrates”.

The parties have reportedly agreed to jointly investigate and undertake a feasibility study on the ‘public-private joint rare metal recycling project’. The MoU will be in effect for two years initially, which could be extended upon agreement by the parties prior to the expiration. Also, the agreement could be terminated upon notification to the other party.

Lewis Black, President and CEO, Almonty noted that the MoU is seen as an important further collaboration with the South Korean government. Furthermore, he acknowledged the significant economic and tax incentives offered by the country’s government towards the Sangdong tungsten mine, which is currently under construction and is slated to commence production in late-2022 or early-2023.

As of now, China accounts for 83% of global tungsten supplies. Upon full operation, the Sangdong mine will become the largest tungsten mine outside of China.

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