Almonty Expands its ESG Program

Almonty Expands its ESG Program

Almonty Industries Inc. announced that its new Environmental, Social, and Governance (ESG) program is being extended at its Panasqueira mine in Portugal and project in South Korea.

FREMONT, CA: Almonty Industries Inc. is happy to announce that its new Environmental, Social, and Governance (ESG) program is being extended at its Panasqueira mine in Portugal and its Sangdong project in South Korea. During the next 12 months, a solar project will be introduced at Panasqueira, developing a 2.52 MW facility to generate 4.1 million kWh per year, representing 21.5 percent of the mine consumption. A third-party study will be published at Sangdong in the next three months, and it will evaluate the carbon footprint and how best to reduce the footprint. The business has a unique chance to expand towards carbon neutrality at the Korean location, provided that the energy from the grid-supplied to the Sangdong project is 100 percent renewable.

Almonty's Chairman, President, and CEO Lewis Black commented, "As we transition into the wider financial ETF markets of Asia and Australia, and our visibility continues to increase as a significant producer of the strategic metals of Tungsten and Molybdenum once Sangdong and Almonty Korea Moly opens, it has become increasingly important to ensure that we are continually reviewing and developing our ESG which sits perfectly in line with the equator principles around which the Sangdong project is being built. The equator principles were the backbone of KfW-IPEX Bank support but now we find that ETF's covering the strategic space require a continuing push across the board regarding our ESG. The aim for carbon neutrality at Sangdong is potentially achievable once underground electric fleets can maintain a charge for an entire shift which is estimated to be technically possible within the next 18 months, but we are extremely fortunate that 100 percent of our energy comes from a renewable source making the target of carbon neutrality achievable. With Panasqueira, we are dealing with a 126-year-old project, but we now start the process of bringing far greater attention to its ESG. The first phase of this is to provide over 20 percent of our energy needs from solar. Social programs are already underway for some years now and further programs are also now being evaluated to bring the mine further into the 21st century."