Media Release: Clayton Utz acts on Almonty Industries Inc.'s IPO and ASX listing

Perth, 4 August 2021: Clayton Utz has acted for TSX-listed tungsten mining company Almonty Industries Inc. (Almonty) on its initial public offering (IPO) and listing on the Australia Securities Exchange (ASX), with the bell ringing on 2 August 2021.

Clayton Utz Corporate partner Liz Humphry led our team, which included key support from lawyers Samuel Pullin, Sarah Thiruneelakandan and Luke Crofts  The IPO raised over A$15 million in the form of CHESS Depositary Interests.

Almonty specialises in acquiring distressed and underperforming operations and assets in tungsten markets.  It owns interests in the Los Santos Mine Project located in Northern Spain, the Valtreixal Project located in North Western Spain, the Panasqueira Mine located in Portugal and the Sangdong Mine located in South Korea. 

The receipt of the capital raised was the final condition precedent in order for Almonty to drawdown on its US$75.1 million debt packages arranged with German state bank, KfW IPEX.  Funds raised from the IPO will be applied towards planned capital expenditures for the construction of the Sangdong Mine, which will be one of the largest tungsten mines outside of China.

Commenting on the transaction, Liz said:

We congratulate Lewis Black and the Almonty team on this important milestone, and look forward to seeing their continued success as they work towards ramping up production of the Sangdong Mine.