Almonty Ships First Tungsten Concentrate From Sangdong as Rwanda Deal Widens Its Supply Base
Published on 10/02/2026 at 19:41 | Editorial boerse-global.de
Almonty Industries has moved its flagship South Korean tungsten mine from commissioning into commercial delivery, bagging its first export-ready concentrate from Sangdong while simultaneously locking down new feed sources in Africa and Europe. The dual progress comes as analysts launch coverage of the stock with sharply divergent price targets.
Shares in the mining group advanced 2.7% to EUR 12.05 on the day the export milestone was disclosed, though no single company-specific catalyst was identified for the session's gain. The move extends a broader run that has lifted the stock 52% since the start of the year.
From Restart to Revenue
Sangdong produced its first tungsten since 1993 on September 23. In a shareholder update, Almonty said the initial sacks of tungsten concentrate have now been packed and staged for export, with Phase II of the project already under construction. The company has committed more than 90% of first-phase output volumes under existing offtake contracts, giving it unusual visibility as it scales up.
Completion of Phase II is targeted for 2027 and is designed to lift annual processing capacity to as much as 1.2 million tonnes.
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Rwanda Stake and a Spanish Offtake
To broaden its geographic footprint, Almonty signed a binding partnership with the Rwandan government on September 14. Under the terms, Rwanda takes a 25% interest in subsidiary Almonty Rwanda Pty Ltd, while the company secures mining rights to the Shyorongi exploration concession plus a license to process minerals locally.
On the European front, Almonty on September 17 finalized a multi-year offtake agreement with Wolfram Bergbau und Hütten AG, a Sandvik Group subsidiary. The contract covers reprocessing of mining residue at the Los Santos site in Spain and spans at least roughly 1,720 tonnes of WO3. It includes a contingent one-time payment of USD 3.0 million and customer capital to fund the plant's restart.
Auditors Swapped, Buyback on the Table
Almonty also reshuffled its accounting oversight, appointing PricewaterhouseCoopers LLP as its new auditor. Predecessor Zeifmans LLP had resigned at the company's request, and Almonty stressed the change was mutually agreed with no reportable disagreements.
Alongside the operational steps, the company is reorganizing its capital structure and has flagged plans for an automatic share buyback program.
Wall Street Splits on Valuation
Analyst reaction has been mixed. Stifel Nicolaus initiated coverage on September 25 with a Buy rating and a USD 25.00 price target. A day earlier, Goldman Sachs began coverage with a neutral stance and a USD 13.00 target, arguing the valuation already discounts much of the future earnings potential and flagging the risk that tungsten prices normalize or that production ramps more slowly than planned.
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The stock remains well below its 52-week high of EUR 20.61.
A Tightening Global Market
The company's push comes as Western supply chains for critical raw materials face mounting pressure. China has imposed export restrictions on tungsten intermediates, prompting industrial buyers outside Asia to seek sources beyond the dominant market. In a September 26 letter, Almonty's chairman addressed the visible tightening of Western supply and emphasized the company's own raw-material security.
A sector commentary published the previous day noted that tungsten prices have nearly tripled over the course of 2026 — a tailwind Almonty is positioned to capture as its production base expands across two continents.
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