Almonty Industries Inc. (TSX: AII), a leading global tungsten mining company, has appointed Jorge Beristain as its new Chief Financial Officer, effective immediately. The strategic hire comes as the company enters a critical phase of growth, centered on ramping up production at its flagship Sangdong tungsten project in South Korea.
Beristain brings more than 25 years of global mining and capital markets experience to the role, with a proven track record of securing large-scale financing and driving operational efficiency for mid-tier resource companies. His appointment signals Almonty’s commitment to strengthening its financial leadership as it scales operations across its three core assets in Spain, Portugal, and South Korea.
Why Almonty Chose Jorge Beristain
Almonty’s board conducted a six-month global search for a CFO with deep mining sector expertise and capital markets experience, citing Beristain’s unique blend of operational and financial leadership as the key differentiator.
The company is currently in the final stages of constructing the Sangdong mine, one of the world’s largest undeveloped tungsten deposits, which is expected to produce 2,500 tonnes of tungsten concentrate annually once fully operational. This capital-intensive project requires a finance leader with experience in securing project financing and managing multi-year construction budgets.
Beristain’s Track Record in Mining Finance
Before joining Almonty, Beristain spent eight years as CFO of a mid-tier Latin American copper producer, where he oversaw more than $1.2 billion in debt and equity financing, including a $450 million green bond issuance for sustainable mining initiatives.
- Led financial due diligence for two cross-border mining M&A transactions valued at $800 million combined
- Implemented cost-saving measures that reduced operational expenses by 18% across three active mine sites
- Spearheaded ESG reporting frameworks that earned the company top-tier ratings from global sustainability assessors
- Managed investor relations for a public company with a $3.2 billion market capitalization
What This Means for Almonty’s Growth Strategy
Almonty’s next phase of growth will focus on three core priorities: completing Sangdong construction, expanding production at its existing Los Santos (Spain) and Panasqueira (Portugal) mines, and securing long-term offtake agreements with global tungsten consumers.
"Jorge’s deep expertise in mining finance and proven track record of scaling resource companies make him the perfect leader to guide our financial strategy as we enter this pivotal growth phase," said Lewis Black, CEO of Almonty Industries. "His ability to secure cost-effective capital and build strong investor relationships will be invaluable as we deliver on our commitment to become the world’s leading tungsten producer."
Key Priorities for the New CFO
Beristain will report directly to the CEO and join Almonty’s executive leadership team, with immediate focus on four core priorities:
- Finalize $220 million in remaining project financing for the Sangdong mine, targeted for completion by Q4 2024
- Strengthen institutional investor engagement across North American and European markets
- Optimize cost structures across Almonty’s existing Spanish and Portuguese operations to boost margins
- Lead the development of a comprehensive ESG strategy aligned with global mining sustainability standards
Industry Reaction to the Appointment
Mining sector analysts have praised the appointment, noting Beristain’s ability to navigate volatile commodity markets and secure financing during periods of rising interest rates. "This is a smart hire for Almonty," said Sarah Jenkins, senior mining analyst at RBC Capital Markets. "Beristain’s experience in project financing for critical minerals projects will help the company deliver Sangdong on time and on budget, which is key to unlocking long-term shareholder value."
Conclusion
The appointment of Jorge Beristain as CFO marks a significant step forward for Almonty Industries as it enters its next phase of growth. With his decades of mining finance experience and proven ability to scale resource companies, Beristain is well-positioned to lead Almonty’s financial strategy and deliver on its goal of becoming a global leader in tungsten production.
For investors and industry watchers, the move signals Almonty’s focus on building a robust financial foundation to support its ambitious growth plans, at a time when demand for tungsten – a critical mineral used in electronics, aerospace, and defense – is rising globally.
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