Korean Sangdong tungsten molybdenum mine to operate next year
2011-07-05 13:36:37 [Print]
It was reported that Woulfe Mining Corp., whose headquarter is located in Vancouver, British Columbia, might start the production of the Korean tungsten molybdenum mine next year at the earliest considering the rising tungsten price.
Brian Wesson, the president and CEO of the company stated that the price of APT has increased sharply in the past six months, due to which the company would try their best to start the production of Sangdong as soon as possible. In addition, the historical figures have also been pretty encouraging recently, so the feasibility study by the company might be implemented simultaneously. Other than that, the mine is also anticipated to debug in Q4, 2012.
Being located in the northeast of Korea, the estimated output of the mine in Kangwon-Do area is 4,000t tungsten and 227t molybdenum respectively. The ore production is 1.2 million tons while the designed annual processing volume of the mine is 2.4 million tons. Additionally, the investment cost of the project is still in calculation, and predicted to reach USD0.269 billion taking the green vegetation into consideration. However, the company wants to have a reduction of the actual cost for the mine has already been operated before with not so many construction cost. The mine was operated by Korea Tungsten from 1947 to 1992, which was then shut down due to the relatively low product price. On the other hand, the mine is regarded as one of the world biggest tungsten mines.
At present, both the cash and loan financing work have not finished yet, but the company still stated that they did not worry about the financing problem given to the large predicted cash flow the project might bring about. Woulfe Mining Corp. has already gotten the commitment from Korea Zinc to hold 51% shares, which equals to USD0.1147 billion financing, while after the construction, Korea Zinc would take charge of its operation. Other than that, Korea Zinc has already possessed 5% shares of Woulfe, and will sell all the mine products.
Brian Wesson, the president and CEO of the company stated that the price of APT has increased sharply in the past six months, due to which the company would try their best to start the production of Sangdong as soon as possible. In addition, the historical figures have also been pretty encouraging recently, so the feasibility study by the company might be implemented simultaneously. Other than that, the mine is also anticipated to debug in Q4, 2012.
Being located in the northeast of Korea, the estimated output of the mine in Kangwon-Do area is 4,000t tungsten and 227t molybdenum respectively. The ore production is 1.2 million tons while the designed annual processing volume of the mine is 2.4 million tons. Additionally, the investment cost of the project is still in calculation, and predicted to reach USD0.269 billion taking the green vegetation into consideration. However, the company wants to have a reduction of the actual cost for the mine has already been operated before with not so many construction cost. The mine was operated by Korea Tungsten from 1947 to 1992, which was then shut down due to the relatively low product price. On the other hand, the mine is regarded as one of the world biggest tungsten mines.
At present, both the cash and loan financing work have not finished yet, but the company still stated that they did not worry about the financing problem given to the large predicted cash flow the project might bring about. Woulfe Mining Corp. has already gotten the commitment from Korea Zinc to hold 51% shares, which equals to USD0.1147 billion financing, while after the construction, Korea Zinc would take charge of its operation. Other than that, Korea Zinc has already possessed 5% shares of Woulfe, and will sell all the mine products.
Tungsten Ore WO3 50%min FOB Africa
Unit:USD/dmtu
China tungsten concentrate producers' output statistics by province by month
Unit: mt
