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The original company that developed the mine was Canada Tungsten Mining Corporation Limited, with Cantung being a short abbreviated form of the company name. The small community of Tungsten was established for workers and their families along with the small, still open, Tungsten (Cantung) Airport.
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The company was formed in 2011 with the acquisition of Los Santos mine. It began trading on the TSX venture exchange on 28 September 2011. [7] In March 2013 the company acquired an option on 51% of the Valtreixal deposit in northern Spain. [8] In 2015, Almonty, under Lewis Black's guidance, acquired Woulf Mining Corp. and its Sangdong project. [9]
As of 2018, mining revenues totalled CA$47 billion. [22] In 2013, over 50% of the world's publicly listed exploration and mining companies were headquartered in Canada. [23] Toronto is a financial centre for the mining industry: as of 2016, around 80 percent of the world's equity trades in mining stocks took place in Toronto's markets. [24]
A mining company looking to extract one of the world's largest deposits of the mineral tungsten has said it is confident it is on target to produce the metal by the end of next year.
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