Almonty Extends GTP Tungsten Pact to 21 Years, Adds Spanish Tailings Deal and Rwandan JV
Published on 09/21/2026 at 07:40 | Editorial boerse-global.de
Almonty Industries is stitching together a tungsten supply chain that reaches from Spanish mine waste to Rwandan ore bodies, while simultaneously trimming its public-market footprint. The Nasdaq-listed miner (NASDAQ:ALM) has locked in long-term offtake commitments, secured fresh mining rights in Africa, and launched a share buyback — a combination that keeps D.A. Davidson's buy rating and $33.00 price target firmly in place.
GTP Contract Stretched to Two Decades
The company's partnership with Global Tungsten & Powders LLC (GTP) was expanded on July 14, with the offtake agreement's term now running 21 years from the date of first delivery. Contracted volumes climbed 40 percent to 4,410,000 units. For Almonty, the arrangement guarantees fixed offtake quotas for future production; for industrial buyers, it reflects a broader push to secure access to critical technology metals outside dominant supplier nations.
Spanish Tailings Converted Into Contracted Revenue
A separate agreement covering tungsten concentrate with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik Group, took effect last Friday. The take-or-pay contract governs reprocessing of existing tailings at the Los Santos mine in western Spain, with a minimum volume of roughly 1,720 tonnes of contained tungsten trioxide. A conditional advance payment of $3.0 million is attached to the deal. By drawing on already-extracted material, Almonty books pre-defined revenue for the Spanish project without waiting on new mining.
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Rwanda Venture Adds a Second Leg Outside Europe
A binding agreement with the Rwandan government created a joint venture in which Almonty holds 75 percent of Almonty Rwanda Pty Ltd, while the state took a 25 percent stake in exchange for mining rights at the Shyorongi deposit. The pact covers exploration plus a mineral processing license in the Rulindo district, and allows the JV to purchase raw ore, pre-concentrates and tailings material from local producers. Until a dedicated processing plant is completed, the material is slated for export. The move gives Almonty short-term access to feedstock and broadens its raw-material base well beyond Europe.
Buyback and Delistings Reshape the Equity Story
Alongside the operational steps, the board approved a buyback program covering up to 14,400,000 common shares, with a total volume of up to $300,000,000 over a three-year horizon. Trading venues have been consolidated in parallel: following its delisting from the Toronto Stock Exchange at the close of July 31, the stock also ended its listing on the Australian Securities Exchange roughly three weeks ago.
Analyst Backing and Market Performance
D.A. Davidson reaffirmed its buy recommendation on Friday, keeping the fair value at $33.00. In European trading, the shares closed Friday at EUR 12.07, bringing the year-to-date gain to 52 percent — a performance that reflects the market's read on Almonty's long-term expansion despite recent consolidation.
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