Sangdong’s Tungsten Starts Flowing as Almonty Navigates China’s Export Squeeze and a Stock Correction
Published on 07/06/2026 at 09:02 | Redaktion boerse-global.de
As Western governments accelerate efforts to break China’s stranglehold on critical minerals, Almonty Industries has switched on the processing plant at its Sangdong tungsten mine in South Korea. The facility began treating ore in June 2026, transforming one of the largest known tungsten deposits outside China from a development project into an operating asset. The transition could not have come at a more pivotal moment: Beijing has tightened export controls on tungsten and antimony, targeting 40 Japanese and 10 US companies, while the G7 has agreed to reduce reliance on non-member suppliers to below 60?% by 2030.
Almonty enters production with a substantial buffer. The company accumulated roughly 120,000 tonnes of ore at a 0.24?% tungsten trioxide (WO?) grade by the end of the first quarter, adding another 19,700 tonnes at a higher 0.35?% grade in the second quarter. That brings the total stockpile to about 139,700 tonnes averaging 0.25?% WO?, with a gross market value the company pegs at $68?million. Management is taking a cautious approach at the outset, feeding the plant with lower-grade material initially before transitioning to the higher-grade ore.
The broader tungsten market provides a favourable backdrop. The global price of ammonium paratungstate (APT) stood at roughly $2,995?per metric tonne unit early in the year, well above the assumptions that underpinned historical feasibility studies. CEO Lewis Black has described tungsten as a “strategically critical metal” for industry and defence, a label that is gaining traction with policymakers. The US government, for instance, recently conditionally approved a $17.5?billion loan programme for nuclear supply chains, and similar initiatives are being developed for antimony-tungsten deposits in Idaho.
Despite the operational milestone, Almonty’s share price has pulled back from its highs. The stock landed at No.?53 on a list of the 100 biggest decliners in early July, falling 3.68?% after the processing announcement. On Tradegate it recently changed hands at €14.18, down 0.56?% on the day. Yet this short-term weakness obscures a remarkable run: the shares have gained 92?% since the start of the year and 210?% over the past twelve months. In Toronto the stock closed at C$23.14 on Friday, roughly 30?% below its recent yearly peak but still comfortably above its 200-day moving average.
Should investors sell immediately? Or is it worth buying Almonty?
The current volatility reflects a market weighing near-term profit-taking against a fundamentally bullish narrative. The ramp-up of the processing plant now shifts investor attention from capital expenditure to cash flow. A successful demonstration of steady throughput and consistent grades will determine whether Almonty can convert its stockpile into revenue in the second half of the year.
Regulatory tailwinds continue to build. China controls approximately 80?% of global tungsten supply, and its latest export curbs have only reinforced Western determination to diversify. Sangdong is emerging as a critical link in non-Chinese supply chains, with growing support from both the G7 and individual governments. The Idaho antimony-tungsten programme is part of a broader push to secure raw materials and processing expertise outside China.
For now, the focus remains on operational execution. Almonty’s defensive processing strategy — starting with lower-grade material before moving to higher-grade ore — gives the plant a smoother learning curve. The $68?million stockpile provides a cushion of roughly two and a half months of run time, buying the company time to optimise the circuit before it must rely on fresh mining output.
Almonty at a turning point? This analysis reveals what investors need to know now.
Almonty has crossed the line from developer to producer, but the real test lies in the coming quarters. In a market where China’s grip is tightening and Western buyers are scrambling for alternatives, Sangdong’s ability to deliver consistent tungsten concentrate will be watched closely — not just by investors, but by governments seeking to secure their industrial future.
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