Yeongwol County in Gangwon Province is garnering attention for its focus on the tungsten industry. Recently, the U.S. Geological Survey (USGS) inspected the Sangdong tungsten mine in Yeongwol, highlighting its potential competitiveness on the global stage.
Almonty Korea Tungsten Corporation (AKTC) announced that a USGS Global Mineral Analysis Research Center delegation visited the Sangdong Mine last week to evaluate its redevelopment progress. The delegation reviewed several key aspects, including the resumption of tungsten concentrate production, tunnel transportation, processing facilities development, and plans for a new tungsten oxide plant in Yeongwol.
Sean Xun, Assistant Chief at the National Minerals Information Center (NMIC), was part of the delegation. The NMIC is pivotal in gathering and analyzing global production and supply chain data for essential minerals.
AKTC stated in a press release, “Since 2018, tungsten has been designated and managed as a critical mineral by the United States. A representative from the NMIC emphasized the urgent need for the Sangdong Mine to resume production, highlighting that Korea’s re-entry into the tungsten market would significantly mitigate the Western world’s dependence on tungsten produced within China.”
As the Yeongwol tungsten mine gains attention, interest in Yeongwol-gun’s vision for its core mineral industry is also growing.
Yeongwol County reports that the Sangdong Mine, under development by AKTC, is one of the world’s largest tungsten mines. The estimated reserves in the area total 52.8 million tons, potentially generating around 60 trillion KRW (approximately 45 billion USD) over a projected 60-year mining period.
In addition to the USGS delegation’s visit, AKTC has outlined its plans for tungsten oxide production at the Sangdong Mine. The company intends to produce 4,000 tons of tungsten oxide annually, with a purity of 99.99%. This goal will be achieved by expanding the mine’s processing facilities and completing a dedicated tungsten oxide plant in Yeongwol.
AKTC anticipates that these plans will help resolve the current situation, in which over 95% of Korea’s tungsten oxide imports depend on China, impacting the semiconductor and secondary battery industries domestically.
Lewis Black, the CEO of AKTC, stated, “Korea will always have the most favored nation status in our tungsten operations.”