Canadian group buys tungsten mine in Portugal for 1 euro

8 January 2016

Canada’s Almonty Group paid 1 euro to Japanese conglomerate Sojitz Corp for the entire share capital of Beralt Ventures Inc, which controls the Panasqueira tungsten mines in Portugal, the Canadian group said in a statement to the market.

The group also said it bought debt in the amount of 12.260 million euros owed by Sojitz Beralt Tin & Wolfram (Portugal), a limited liability company 100-percent owned by Beralt Ventures Inc, to Japan’s Sojitz Group, against delivery 1 million euros in cash and a promissory note of 500,000 euros, maturing on 29 December, 2017 at an interest rate of 4 percent.

In the press release, the president of Almonty, Lewis Black, noted the satisfaction of having succeeded in purchasing this asset “that is so well known company” (Almonty sold the Panasqueira mines to Beralt Ventures Inc in 2008, after having exploring them for just three years), and stressed the company’s strategic interest in being the largest producer of tungsten outside China. (macauhub/PT)