Almonty Turns Producer at Sangdong as China’s Export Controls Supercharge Tungsten Prices
Published on 07/07/2026 at 06:55 | Redaktion boerse-global.de
The calculus for Western industries reliant on critical minerals has shifted dramatically as China tightens its grip on exports, and Almonty Industries is now perfectly positioned to capitalise. The Canadian miner officially began processing ore at its Sangdong tungsten mine in South Korea on 1 July 2026, marking the end of its pure development phase. CEO Lewis Black described the moment as a formal transition to a revenue-generating operation.
Almonty did not start from scratch. The company stockpiled roughly 139,700 tonnes of run-of-mine ore before commencing milling, with an average grade of 0.25% tungsten trioxide. At current market prices, the contained tungsten carries an estimated gross value of around $68 million, enough to cover approximately 2.6 months of Phase I processing capacity. That buffer gives Sangdong a running start as it works towards consistent output of saleable concentrate for global customers.
The timing could hardly be more favourable. China – which controls roughly 80% of global tungsten supply – halted exports of tungsten carbide and powder to Japan in January 2026, resulting in zero shipments between February and April. The effects were immediate and severe. Tungsten hexafluoride, a gas used in semiconductor manufacturing, surged 203.83% in April alone to $149.79 per kilogram. In Europe, ammonium paratungstate (APT) prices have risen 234.2% since the start of the year, reaching a range of $2,900 to $3,250 per tonne.
Should investors sell immediately? Or is it worth buying Almonty?
Investors have taken note. Almonty’s stock closed at C$23.23 on Monday, delivering a gain of 93% year-to-date. Over the past twelve months the shares have climbed 211.81%. Still, the price sits 30.34% below the 52-week high of C$33.35 set on 17 April, and 26.10% above its 200-day moving average of C$18.42. The relative strength index of 43.8 suggests the equity is not overbought despite the rally, leaving room for further upside.
Geopolitical tailwinds are likely to persist. Washington will ban tungsten imports from China, Russia, Iran and North Korea for all military applications from January 2027. Western defence contractors are already scrambling for secure alternative sources, and Sangdong sits squarely in that supply chain. The mine’s ability to produce high-purity tungsten derivatives also appeals to the semiconductor and artificial intelligence chip sectors, which depend on the material for key components.
With processing now live, the focus shifts to ramping the Phase I mill to full capacity and converting the existing ore stockpile into saleable concentrate. Almonty has moved from developer to producer at a moment when the world beyond China is hungry for non-Chinese tungsten. The next test will be proving that Sangdong can deliver consistently – and at cost – as the rest of the market watches.
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