[Special Stock] HanmiGlobal Up 6%, Past CM Track Record Highlighted as Sangdong Mine Gains Attention

by Oh Yukyo

Published 04 Jul.2024 10:38(KST)

Development of Sangdong Mine in Yeongwol-gun, Gangwon Draws Attention

HanmiGlobal is showing strong performance. As Sangdong Mine in Korea is gaining attention as a tungsten supply source, investors seem to be focusing on HanmiGlobal, which has a history of performing construction management (CM) projects there.

[Special Stock] HanmiGlobal Up 6%, Past CM Track Record Highlighted as Sangdong Mine Gains Attention

As of 10:23 AM on the 4th, HanmiGlobal is trading at 15,950 KRW, up 6.98% (1,040 KRW) from the previous day. It reached a high of 16,780 KRW shortly after the market opened.

According to US CNBC, Canada’s Almonty Industries is paying attention to the tungsten mine in Sangdong-eup, Yeongwol-gun, Gangwon Province, which it is currently developing. While China controls about 80% of the global tungsten supply chain, the West, seeking to "de-China" its supply sources, has identified Korea as one of the alternative suppliers. Tungsten is used in weapons, automobiles, and semiconductors.

Almonty has shown interest in Korean tungsten mines, investing 107 million USD in the Sangdong Mine in Yeongwol-gun, Gangwon Province, in 2020. The Sangdong Mine is known to contain the world’s largest tungsten reserves, estimated at 58 million tons. Kim Jin-tae, Governor of Gangwon Special Self-Governing Province, visited the redevelopment site of the Sangdong Mine in Yeongwol-gun on the 3rd. HanmiGlobal performed CM work in 2012 for the reactivation of the Sangdong Mine, including the installation of various equipment and auxiliary facilities.