Almonty Banks $3 Million for Spanish Tailings Offtake as Rwanda Venture Redraws Its Growth Map
Published on 09/18/2026 at 19:40 | Editorial boerse-global.de
Almonty Industries has locked in a buyer for tungsten recovered from old mine waste in western Spain, while simultaneously widening its footprint in East Africa through a government-backed joint venture. The twin moves sketch out a company betting that Western industry will pay a premium for supply chains that bypass China, Russia and other restricted sources.
A Take-or-pay Deal for Legacy Tailings
Under a multi-year agreement with Wolfram Bergbau und Hütten, a subsidiary of Sweden's Sandvik, the Canadian miner will process historical tailings at its Los Santos site south of Salamanca. The open-pit mine has sat idle for years, but the new contract puts its processing plant back to work.
The arrangement carries a guaranteed minimum of 1,720 tonnes of contained tungsten trioxide — roughly 20 percent of the tailings stockpile on site — and is structured on a take-or-pay basis. In exchange for exclusive offtake rights, Almonty receives a conditional one-time payment of $3 million. Because the material has already been extracted, the company can generate near-term revenue without the long lead times a fresh open-pit build would demand.
Washington's 2027 Deadline Raises the Stakes
The timing reflects a broader scramble for tungsten outside dominant producing nations. New procurement rules at the US Department of Defense bar the use of tungsten sourced from China, Russia, North Korea and Iran in military equipment starting January 1, 2027.
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That regulatory line is pushing processors to secure long-term supply from allied regions. Tungsten's hardness and heat resistance make it a strategic input for cutting tools and defense hardware, and Western buyers are scouring Europe and friendly jurisdictions for alternatives.
Rwanda Brings a Mine and a Processing Licence
Almonty's second front lies in East Africa. A binding partnership with the Rwandan government gives the company 75 percent of a joint subsidiary, Almonty Rwanda, with the state holding the remaining 25 percent. Rwanda's contribution is the Shyorongi exploration concession plus a mineral processing licence.
Reuters reports the project enjoys backing from a US economic framework — geopolitical cover that matters given tungsten's classification as a critical metal with high supply risk. If Almonty can build out mining and refining capacity in Rwanda as planned, it gains a strategic foothold well away from traditional producing regions.
Trading Venues Streamlined, Shareholder Meeting Ahead
Alongside the expansion, the company is tidying up its organizational structure, consolidating trading venues in a move that could concentrate liquidity on the remaining exchanges while forcing short-term adjustments for international shareholders. A special meeting now looms on the calendar, where decisions on the future corporate structure and project financing are expected.
Market Response: Split Signals
Investors have greeted the restructuring with a mix of optimism and caution. The stock trades at EUR 12.01, down 2.4 percent on the day, and has gained 51 percent since the start of the year. A separate reading puts the year-to-date advance at 58 percent, with the pre-market price of EUR 12.51 still about 39 percent below its 52-week high.
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Analysts are not uniformly convinced. D.A. Davidson reaffirmed its buy rating with a $33.00 price target following the offtake news, while attention also turns to the ramp-up at the Sangdong mine in South Korea, where processing activities began more than a month ago.
The strategic case rests on tungsten's status as a sought-after industrial metal and on the scaling potential of the African assets. Yet building mining and processing capacity in emerging markets carries project-specific risks, and the upcoming special meeting should offer the first signals on how smoothly that path unfolds.
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