Almonty's Sangdong Mill Runs 16 Hours a Day as First Tungsten Cargo Gets an October 24 Sailing Date
Published on 10/08/2026 at 09:50 | Editorial boerse-global.de
Almonty Industries is steadily dialing up operations at its flagship South Korean tungsten project, telling investors this week that the Sangdong processing plant now runs roughly 16 hours per day, with throughput set to climb further. The update came from CEO Lewis Black at the 20th International Investment Forum, where management offered a progress report on the ramp-up and fielded questions on a tungsten market that has turned noticeably softer of late.
The operational milestones have been stacking up. About two weeks ago, Almonty used a shareholder letter to announce the first bags of tungsten concentrate produced for export. Booking for the inaugural concentrate shipment is now scheduled for October 24. Black was candid that coming production figures will likely drive the share price more than anything else, and he flagged the execution risks that inevitably accompany a commissioning phase.
A Market That Won't Take Good News at Face Value
The stock's recent behavior has been anything but linear. On the day after Black's presentation, the shares shed 6.8% to close at EUR 10.80 — a retreat that neither company filings nor analyst commentary could explain, according to media reports. The precise trigger for the selling stayed hidden.
The picture looks different over a longer horizon. Almonty shares are up 36% year to date, even after a 30-day slide of 33% that reflects broader commodity-price worries and market volatility. In Tuesday's session the stock traded at EUR 10.95, a modest gain of 1.4% on the day.
Should investors sell immediately? Or is it worth buying Almonty?
Part of the recent noise has come from matters far removed from the mill floor. On October 2, Almonty confirmed a correction issued by Pure Tungsten as part of a legal settlement, clarifying that Tiger Kim never held a board or director position at the company and that his work as an independent contractor ended on December 31, 2015. Such legal housekeeping tidies the record but briefly pulls attention away from operations.
Auditor Change Clears the Books
Governance has shifted as well. Effective September 29, the board appointed PricewaterhouseCoopers LLP as its new auditor after Zeifmans LLP resigned the mandate. A mandatory filing with the US Securities and Exchange Commission noted that the transition involved no disagreements over accounting or financial reporting matters.
None of this alters the strategic thesis, which rests on Sangdong's Phase II expansion and Almonty's stated ambition to supply tungsten reliably to partners in South Korea, Europe and Rwanda. The metal, prized for its extreme heat resistance, is deemed indispensable in industry, and Western economies are hunting hard for sources outside dominant monopolies.
Ramping a critical mine rarely follows the rhythm of fast-moving trading cycles; it bends to mining realities, and the passage from first production to steady delivery volumes asks patience of shareholders. With a concrete logistics date now on the table, the market's next fixed point is October 24 — when the first vessel carrying concentrate puts to sea and sentiment will have to reckon with industrial facts.
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