Almonty Ramps Sangdong Mill Toward Round-the-Clock Output as Phase II Drilling Begins
Published on 10/01/2026 at 15:01 | Editorial boerse-global.de
Almonty Industries has moved past the construction phase at its South Korean tungsten project and is now focused on keeping the machinery running without interruption. In a shareholder letter issued Tuesday, the company's chief executive said the milling circuit at Sangdong had been operating 13 hours a day, seven days a week, with the schedule set to stretch gradually to a full 24-hour cycle in the days that followed. The first bags of tungsten concentrate have already been staged at the site for export.
That shift marks a genuine turning point for the Toronto-listed miner, which is transitioning from developer to active producer. With the heavy build-out and installation work behind it, attention has turned to fine-tuning the crushing and processing equipment as throughput rises.
Permits in Hand, Phase II Underway
The legal footing for commercial operations arrived on 17 September, when South Korean regulators issued official inspection certificates for the processing and crushing facilities. Those documents give Almonty formal authorization to industrially process and sell tungsten concentrate at Sangdong.
At the same time, underground development of the mine's second phase has begun in Yeongwol, extending the subterranean infrastructure. Media reports indicate the concentrate will be directed to industrial customers internationally. For the first phase of output, demand is already locked up: more than 90 percent of Phase I production is committed under a 21-year offtake agreement.
Should investors sell immediately? Or is it worth buying Almonty?
Management is also pursuing supply growth beyond Korea to reduce the world's reliance on Chinese material. That effort includes a planned expansion at Panasqueira in Portugal and a tungsten joint venture agreed with Rwanda just over a month ago. Under that arrangement, the Rwandan government holds a 25 percent stake in Almonty Rwanda, with Almonty retaining 75 percent.
Sandvik Deal Adds Cash and a European Foothold
Backing the production start is a multi-year take-or-pay supply contract with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group. The agreement covers at least roughly 1,720 tonnes of contained WO?, recovered by reprocessing tailings from the Los Santos mine in Spain. It also carries a conditional upfront lump-sum payment of USD 3.0 million, giving Almonty extra financial room to maneuver during the commissioning period in East Asia.
Analysts Split on Valuation
The strategic progress has not produced a consensus on Wall Street. Stifel initiated coverage about a week ago with a Buy rating and a USD 25 price target, with analyst Brock Cannon pointing to commercial production at Sangdong and Chinese export controls as the drivers. A day earlier, Goldman Sachs had taken a Neutral stance with a USD 13 target, citing the valuation level against prevailing market conditions.
The stock closed at EUR 11.62 on the prior day and was quoted at EUR 11.63 in Tuesday trading. Over the past twelve months the shares have gained 127 percent, and they are up 47 percent since the start of the year.
Almonty at a turning point? This analysis reveals what investors need to know now.
Auditor Change Confirmed
On the corporate side, Almonty named PricewaterhouseCoopers LLP as its new auditor on Tuesday. The company stressed that the audit reports for 2024 and 2025 were issued with unqualified opinions and that no discrepancies had been identified. The supply relationship with Wolfram Bergbau und Hütten was finalized roughly two weeks ago.
What matters next is how quickly the Sangdong processing lines reach sustained full capacity and how reliably customer deliveries begin.
Ad
Almonty Stock: New Analysis - 1 October
Fresh Almonty information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
