Almonty Clears Final Korean Hurdle as Sangdong Enters Commercial Tungsten Era
Published on 10/04/2026 at 15:40 | Editorial boerse-global.de
Almonty Industries has crossed the regulatory finish line in South Korea, securing the last operating certification for the crushing and processing circuits at its Sangdong mine. The approval shifts the site from trial runs into full commercial production, and it comes with tangible evidence: sealed bags of tungsten concentrate are now staged for export, including an initial one-tonne bulk bag of saleable material.
The milestone ends a 33-year hiatus. Sangdong had not delivered tungsten to market since 1993, and the restart hands Almonty a place among the small group of producers supplying a metal classified as critical by Western governments. It also gives global buyers an alternative source at a time when supply is concentrated in a handful of dominant producing nations.
Mill Running Seven Days a Week
In a letter to shareholders, chief executive Lewis Black outlined how far the ramp-up has progressed. The mill currently operates 13 hours a day, seven days a week, with management preparing the shift to continuous round-the-clock output. That transition is the next operational test, and it will determine how quickly the company converts its restart into a steady flow of concentrate.
Attention is already turning to the second phase of the project. Equipment orders have been placed with Metso for the expansion, which is targeted for completion in 2027. Once Phase II wraps up, throughput at the site is expected to reach as much as 1.2 million tonnes of ore annually, with yearly output potentially exceeding 460,000 MTU of tungsten concentrate.
Should investors sell immediately? Or is it worth buying Almonty?
Sphene Backs the Story With a 26.40 USD Target
The operational progress has not gone unnoticed on the sell side. On 28 September, Sphene Capital reaffirmed its buy rating on Almonty and set a price target of 26.40 USD. The analysts pointed to the company's supply agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group, as a key pillar of the investment case. That long-term contract covers the processing of stockpile material and could, in the analysts' view, also pave the way for reviving the Los Santos mine.
Buyback Trims the Share Base
Alongside the production push, Almonty has been active in the capital markets. Under its existing repurchase programme, the company bought back 2,914,739 common shares for cancellation, a transaction worth roughly 48 million US dollars. Management has signalled its intention to keep acquiring stock in the market.
Administrative changes have accompanied the operational ones. Following the resignation of Zeifmans LLP, Almonty appointed PricewaterhouseCoopers LLP as its new independent auditor. The company said there had been no disagreements over accounting, disclosure or audit procedures before the switch. A corrective statement from Pure Tungsten Inc., issued as part of a settlement agreement, also confirmed that Tiger Kim never held a management or board position at Almonty; his role as an independent contractor ended in late 2015.
Shares Up 50% Year to Date
Investors have rewarded the transformation. The stock closed Friday at EUR 11.91, a gain of 1.5% on the day, and it has climbed 50% since the start of the year despite intermittent swings along the way.
Whether the shares can build on that advance now rests largely on execution: hitting the production targets on schedule and managing a smooth handover to full capacity at Sangdong.
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