News Release
GTP becomes 19.9% shareholder of Almonty Industries Inc.
Towanda, 1 May 2017 – Global Tungsten & Powders (GTP), the tungsten powders division of Plansee Group, converts loan agreements to become 19.9% shareholder of the issues and outstanding shares of Almonty.
"For the first time in GTP’s 100-year + history, we have taken an ownership position in a mining company and concentrate producer,” said Hermann Walser, President and CEO of Global Tungsten & Powders Corp. GTP is the largest producer of ammonium paratungstate (APT) in the western world starting with tungsten concentrate and secondary raw materials. Further backward integration to mines strengthens GTP’s non-Chinese supply chain. GTP strongly believes that tungsten, a critical raw material used in many important downstream industries, requires a balanced supply chain between the Western World and China where 85% of the global reserves are located. “Our customers in all markets we serve can continue to rely GTP’s backward integrated, Western, and conflict free supply chain,” added Walser.
About GTP
Global Tungsten & Powders (GTP), headquartered in Towanda, Pennsylvania, is one of the largest processors of tungsten raw materials in the western world with its history dating back to 1916. GTP is a division of the Austrian based Plansee Group.
Pure tungsten, tungsten carbide and GTP’s tungsten-based, ready-to-press tungsten powders are indispensable components of many products, and will continue to be so in the future. GTP provides solutions into the following markets: tool-making, aerospace, defense, automotive, mining, construction, oil and gas, and for power generation and applications requiring wear-protection.
About Almonty
Almonty Industries Inc. (Almonty), headquartered in Toronto Canada, mines, processes, and ships concentrates from its Los Santos mine in western Spain, its Wolfram Camp mine in Queensland, Australia and its Panasqueira mine in Portugal. Almonty also has development projects with the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal tin/tungsten project in north western Spain.
About the Plansee Group
With the divisions Plansee High Performance Materials, Global Tungsten & Powders (GTP) and Ceratizit and the investment in Molymet, the Plansee Group, headquartered in Reutte, Austria, belongs to one of the worldwide leading powder metallurgical industrial groups that covers the whole supply chain of the high-tech materials Molybdenum and Tungsten – from ore processing to the production of customer-specific components.
In the 2015/16 fiscal year, the Plansee Group realized consolidated sales of 1.18 billion euros and employed a total of 6,371 people worldwide.
The fiscal year ends on the last day of February.