Almonty Korea transforms Yeongwol into global tungsten hub

Almonty Korea Tungsten Corp. (AKTC) is resurrecting a defunct mine in Gangwon Province to transform it into a strategic global supplier of tungsten, a high-density mineral that is essential across aerospace, defense, electronics, manufacturing and other industries. The development is the company's bid to make Korea the world's second-largest supplier of the mineral next to China. China currently supplies more than 80 percent of the world's tungsten output. Sangdong Mine in Yeongwol County closed in 1994 due to competition from cheaper Chinese imports, but is now set to become a key tungsten supplier for the United States, Korea and other allied countries, according to Lewis Black, CEO of AKTC. He said the U.S. Department of Defense will start banning Chinese, Russian and North Korean tungsten from its procurement in 2027. The Korean subsidiary of Almonty Industries is currently expanding the mine’s ore extraction and treatment facilities. With the first phase of construction now complete, the second phase is due for completion within two years. “Following the first phase’s completiWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times