Almonty's Sangdong Mine Begins Tungsten Concentrate Sales as Western Buyers Hunt for Non-Chinese Supply
Published on 09/23/2026 at 06:10 | Editorial boerse-global.de
Western governments and defense contractors are racing to lock down supplies of tungsten, a metal whose global production is overwhelmingly concentrated in one country. Almonty Industries has spent recent months positioning itself as the answer to that problem, stitching together mining, processing and recycling assets across three continents. This week, the strategy crossed a decisive threshold.
Final inspection certificates have arrived for the processing and crushing circuits at the company's Sangdong mine in South Korea. Those approvals clear the way for Phase I commercial operation — meaning Almonty can now officially sell tungsten concentrate. Production had already restarted roughly a week earlier, and the paperwork has now caught up with the plant.
A 21-Year Contract Underpins the Ramp-Up
Sangdong's first phase is designed to handle 640,000 tonnes of ore per year, and more than 90% of that capacity is already committed. Almonty expanded its offtake agreement with Global Tungsten & Powders LLC just over a month ago, extending the contract to 21 years from first delivery. The total contracted volume now stands at 4,410,000 MTU, with a minimum annual commitment of 210,000 MTU once the ramp-up phase is complete.
That structure gives the company a fixed demand base at a moment when industrial buyers outside Asia are scrambling for reliable alternatives. The numbers explain why. According to the U.S. Geological Survey, China accounted for 67,000 tonnes of the roughly 85,000 tonnes of global mine production last year. The United States, by contrast, has not produced any tungsten from its own mines in more than a decade.
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Washington Tightens the Screws
Regulatory pressure from U.S. authorities is compounding the supply crunch. A rule from the Bureau of Industry and Security now requires American sellers of tungsten scrap to offer their full monthly volumes to domestic buyers first. From January 1, 2027, procurement directive DFARS 252.225-7052 will bar deliveries for the U.S. military from certain countries.
Prices reflect the tension. Tungsten concentrate outside China has held between $2,500 and $2,800 per tonne unit since late May, according to Fastmarkets. The broader market is expanding too: The Business Research Company estimates the sector will grow from around $6.66 billion this year to roughly $9.62 billion by 2030, an average annual increase of about 9.6%.
Rwanda and Spain Round Out the Map
Beyond Korea, Almonty has been building a wider resource base. As Reuters reported, the company sealed a binding strategic partnership with the Rwandan government just over a month ago. In exchange for the Shyorongi exploration concession and an ore processing license, the government receives a 25% stake in Almonty Rwanda Pty Ltd. Almonty retains a 75% majority and will develop and process the tungsten under U.S. economic agreements — a move that pulls African deposits into Western supply chains early.
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In Europe, the company reached an arrangement with Sandvik subsidiary Wolfram Bergbau und Hütten AG to reprocess existing tailings from the Los Santos mine in Spain. That cooperation includes a $3 million advance payment. Together, the three locations give Almonty exposure to both primary extraction and recycling.
Market Reaction
Investors have taken note. The stock closed at EUR 12.54 in German trading yesterday, bringing its gain since the start of the year to 58%. On Tuesday, the shares were quoted at EUR 12.29, a daily decline of 3.6% — a pullback that leaves the year-to-date advance at 55%.
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