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In May 2005, Almonty, through Primary Metals Inc.—then listed on the TSX Venture Exchange under the symbol "PMI.V"—acquired the Panasqueira mine in Portugal. At the time, Lewis Black also served as CEO of Primary Metals. In 2008, Primary Metals was acquired by Sojitz Corporation.
Almonty Industries Inc. was formally established in 2011 following the acquisition of the Los Santos Mine and began trading on the TSX Venture Exchange on 28 September 2011. In March 2013, the company secured an option to acquire 51% of the Valtreixal deposit in northern Spain. In 2015, it acquired Woulf Mining Corp. and its Sangdong project in South Korea. In 2016, Almonty reacquired the Panasqueira mine from Sojitz Corporation. By early 2017, the company had received final permits for construction of the Sangdong mine and obtained full ownership of the Valtreixal project.