Almonty Locks Down 21-Year Tungsten Supply Deal, Spanish Tailings Offtake and Rwandan Joint Venture
Published on 09/21/2026 at 10:41 | Editorial boerse-global.de
Almonty Industries is steadily assembling a tungsten supply chain that deliberately sidesteps the industry's traditional strongholds, pairing long-dated offtake contracts with fresh mining rights and a leaner stock-market footprint. The strategy has caught the market's attention: the shares closed Friday at EUR 12.07, up 52% since the start of the year, and were trading at EUR 12.45 on Monday, a gain of 3.4% on the day.
At the heart of the company's commercial build-out is a reworked agreement with Global Tungsten & Powders LLC (GTP). Signed on July 14, the deal stretches the offtake term to 21 years from the date of first delivery and lifts contracted volumes by 40% to 4,410,000 units. For Almonty, the arrangement locks in committed buyers for future output; for industrial consumers, it reflects a broader push to secure access to critical technology metals from sources outside the dominant producing nations.
Spanish Tailings Converted Into Contracted Revenue
A second pillar sits on the Iberian peninsula. On Friday, an agreement covering tungsten concentrate with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik Group, took effect. The multi-year, take-or-pay contract covers the reprocessing of existing tailings at the Los Santos mine in western Spain and guarantees offtake of at least roughly 1,720 tonnes of contained tungsten trioxide (WO?). The package also includes a conditional advance payment of USD 3.0 million.
Rather than opening a new pit, Almonty is monetizing material already sitting on the surface — a lower-capital route to production that dovetails with the company's wider approach of combining new deposits with the recycling of legacy mining waste.
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Rwanda Takes a Quarter Stake in Local Venture
On the African continent, the company formalized a binding agreement with the Rwandan government to develop and process tungsten. The state receives a 25% interest in Almonty Rwanda Pty Ltd, contributing the Shyorongi tungsten exploration concession and a mineral processing license in the Rulindo district. Almonty retains the remaining 75% of the operating company.
The joint venture is cleared to buy raw ore, pre-concentrates and tailings material from local producers and upgrade it on site. Until a dedicated processing plant is completed, the material is slated for export. Reuters reported on the agreement on September 14.
Buyback and a Thinner Listing Line-Up
Alongside the operational moves, Almonty has reshaped its capital-market presence. About a month ago, management approved a share buyback program covering up to 14,400,000 common shares, with a total volume of up to USD 300,000,000 spread over three years. The company has also consolidated its trading venues: after delisting from the Toronto Stock Exchange at the close of July 31, its quotation on the Australian Securities Exchange ended roughly three weeks ago.
D.A. Davidson Keeps Buy Rating and USD 33 Target
The stream of contracted offtake and new resource rights has drawn a constructive response from analysts. D.A. Davidson reaffirmed its "Buy" rating on the stock on Friday, according to media reports, after the Sandvik subsidiary deal was announced. The research house left its price target unchanged at USD 33.00 — a level it had already maintained following the Rwanda partnership. With the shares up 57% year-to-date, the market's appetite for alternative tungsten supply appears to be running well ahead of where it stood at the start of 2024.
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