Almonty Industries (AII)

Business description

Almonty Industries is an independent tungsten producer, with operating mines in Spain, Australia and Portugal. It also has the large and low-cost development-stage flagship Sangdong (South Korea) and earlier stage Valtreixal (Spain) projects.

Stock data

Market cap.C$95.1m
Last closeC$0.61
High / Low (52 weeks)C$0.7 / C$0.2
Stock market listingCN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual79.4139.290.6
Relative *74.1136.280.6

* % Relative to local index

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Company news

Almonty: Making Distressed Tungsen Mines Profitable

Tue, 05 Sep 2017 12:56:15 GMT

Almonty Announces USD$5 Million Non-Brokered Private Placement Financing

Fri, 11 Aug 2017 13:00:33 GMT

Almonty Industries and Woulfe Mining Announce Proposed Merger to Create the ...

Tue, 27 Jan 2015 11:26:15 GMT

Almonty Announces Debentureholders Holding Convertible Debentures in the ...

Wed, 06 Sep 2017 15:33:45 GMT

Almonty Industries Inc. Announces its Intention to Renew its Normal Course ...

Mon, 26 Sep 2016 21:00:27 GMT

Y/E Sep Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (c) P/E (x) P/CF (x)
2015A 36.1 (7.9) (19.2) (36.8) N/A 39.6
2016A 37.3 (4.6) (15.2) (15.0) N/A N/A
2017E N/A N/A N/A N/A N/A N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 30/08/2017

Investment summary

A metric tonne unit (mtu) of ammonium paratungstate (APT) continued to rise in price from the multi-year lows of US$170/mtu APT seen at the end of 2015. APT now sells on the spot market for around US$250/mtu, a significant rise of 47%. Almonty has secured revenues for the majority of its mine output using fixed price contracts, representing prices of US$192.5/mtu (for 80% of Los Santos production) and US$210/mtu for 100% of Panasqueira production. The aforementioned fixed price contract values include typical and commonplace industry discounts relating to concentrate quality. On an undiscounted basis, using AImonty's 'typical' 22% market discount implies APT prices of US$247/mtu and US$269/mtu respectively. A sustained increase in APT prices will obviously positively impact AImonty’s cash flow at its operating mines and also the assessments of its pre-production assets, Valtreixal and, importantly, the large, long-life and lower-cost Sangdong asset in South Korea. The potential for a resumption of mining at Wolfram Camp also improves.

Last updated on 06/09/2017

Industry outlook

Our forecasts are under review and will be updated in our upcoming note on Almonty Industries.

Last updated on 06/09/2017

Key management

Lewis Black , CEO
Dennis Logan, CFO

Company address

100 King Street West
Suite 5700
Toronto
M5X 1C7
Canada
+1 647 438 9766
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