Almonty Industries ramps up global tungsten projects
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By Dr. Allen Alper
on 10/17/2014
 Lewis Black
Director, President and Chief Executive Officer
Mr. Black is currently a Partner of Almonty Partners LLC and has extensive experience in the tungsten mining industry. From June 2005 to December 2007, he was Chairman and Chief Executive Officer of Primary Metals Inc., an Exchange listed tungsten mining company, and he was formerly head of sales and marketing for SC Mining Tungsten Thailand. Mr. Black is a former Vice President of the International Tungsten Industry Association.
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Lewis Black, CEO of Almonty Industries (TSX: ALL), provided Metals News with an update on the company’s progress since the Panasqueira project and its future plans. Said Black, “We bought the Panasqueira because we believed in the project and the people. We have been able to pass it on to a financially secure buyer, ensuring a bright future for everyone involved in the project. We always believed in this mine, from the moment we first visited it, despite the fact that the previous owner had given up on it.”
The strategy to purchase and rehabilitate properties is where Almonty’s team has found its niche. One of the company’s most recent purchases, the Los Santos mine in Spain, has undergone a two year optimization period, but is now back on track, following a difficult period where Black and his team received incorrect scientific information.
“The assayers were wrong, and this was the reason for the issues with our grade,” he says. “We recalibrated and within a week our production went up by 40%. Forensically, we dissected the entire company to establish what the problem was. We retested the same samples and in January, we registered a 40% increase.”
Los Santos has a good mine life ahead of it, Black believes. “This project will go forward another thirteen to fifteen years. There was very little exploration done by the previous owners. We have now done in excess of 14,000 meters of drilling and have a much better understanding of the project. The grade has also been much more consistent.”
Now, with the Los Santos project working optimally, Black feels comfortable about the future of Almonty Industries. He attributes a strong set of Q3 results to a combination of cost control – the company is run from a small, low key office in Toronto – and deadline management, plus a great team around him. Indeed, since taking over Los Santos and selling Panasqueira, Black has seen some of his original team return to Almonty.
“There were some good people who came to us from Panasqueira. They recognised the passion and commitment we give to every project and its people and wanted to be part of the next stage in our evolution. In essence, that means we are working towards a long and prosperous future for everyone involved in the project.”
It’s a refreshing stance from a CEO, a role that often seems to be more considered with pleasing shareholders.
“We have an obligation to the shareholders, of course. Many of our investors are friends and family and we are risking their money. The shareholder is as important a part of the project as is the buyer of the material.” he says. “But looking after your team, making sure that they are happy and letting them know that they can always reach me to discuss anything that’s on their mind – that’s the key to a successful business. We are like a small, tight knit family and I feel honoured to work with such hugely knowledgeable people.”
At Los Santos, Black’s team has come up with a creative way to manage their levels.
“We are doing about 10% of our feed as tails,” he reveals. “The previous owners had problems with recovery. With a multi-pit operation, the tailings allow us to balance the grade.”
Following the success of the projects they have managed to date, Black has set his sights on other areas of Spain and Australia. On Sep 23, 2014 Almonty announced that it closed the acquisition of Wolfram Camp Tungsten and Molybdenum Mine from Deutsche Rohstoff for CAD$18.0 Million and USD$10.0 financing. Black believes that the knowledge and skills passed down from these projects will benefit communities for years to come. “This isn’t just about what’s happening now, but also how we can help the next generation.”
Almonty Industries, Inc.
100 King Street West
Suite 5700
Toronto, ON Canada
M5X 1C7
Office: +1 (647) 438-9766
Fax: +1 (416) 628-2516
Email: info@almonty.com
http://www.almonty.com/
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