Almonty Pairs Rwandan Mining Venture With Spanish Offtake as Analysts Stay Bullish
Published on 09/19/2026 at 16:40 | Editorial boerse-global.de
Almonty Industries has spent the past few weeks stitching together two very different growth levers — a government-backed tungsten venture in East Africa and a long-term sales contract for an idle Spanish mine — in a bid to widen its geographic footprint across the raw materials supply chain.
The most consequential move came last Monday, when the company sealed a binding partnership with the government of Rwanda. Under the arrangement, Almonty controls 75% of the joint venture, Almonty Rwanda Pty Ltd, while the Rwandan state holds the remaining 25%. According to Reuters, Rwanda's contribution to the venture consists of the Shyorongi exploration concession and a license to process minerals. Almonty disclosed the transaction in a Form 6-K filing with the U.S. Securities and Exchange Commission in September.
The joint venture is designed to serve as a central trading and processing hub. It will purchase raw ore, pre-concentrates and processing residues from local license holders and small-scale miners, then either sell or further process that material. Until a dedicated processing plant is built in the country, the agreement calls for the material to be exported. The setup extends Almonty's operational reach into African tungsten deposits.
Spanish Tailings Locked Into a Sandvik Contract
While the Rwandan venture took shape, Almonty was also busy monetizing its European assets. The company signed an offtake agreement for its Los Santos tungsten mine in western Spain, contracting the long-term supply of tungsten concentrate to Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik Group. The deal centers on reprocessing the mine's existing tailings stockpiles.
Should investors sell immediately? Or is it worth buying Almonty?
For Almonty, the contract converts reserves at an already-developed site into a predictable revenue stream, even as it pursues fresh development opportunities overseas. Tying the Spanish tailings to an industrial partner gives the company a defined outlet for material that had been sitting idle.
DA Davidson Reiterates Its Bullish Call
Analysts have taken note of the twin announcements. On September 14, DA Davidson reaffirmed its "Buy" rating on the stock with a price target of US$33.00. The positive assessment was tied to the East African initiative, though the Rwanda news has since been followed by a 5.4% pullback in the share price.
The company's balance sheet gives it room to fund these ambitions. In results reported more than a month ago for the second quarter of 2026, Almonty posted revenue of C$43.0 million and net income of C$181.8 million. As of June 30, 2026, cash stood at roughly C$1.23 billion.
A Slimmer Listing Lineup
Alongside its operational expansion, Almonty has been consolidating where its shares trade. Having already delisted from Canada's Toronto Stock Exchange, the company ended its listing on Australia's ASX about two weeks ago, concentrating trading activity on fewer international venues.
In German trading, the stock closed Friday at EUR 12.07. That leaves it 13% lower over the past month, and well below its 52-week high of EUR 20.61 — yet it still holds a gain of 52% since the start of the year.
The recent flurry of agreements shows Almonty working to anchor mining and processing capacity across multiple regions at once. What matters for investors now is how quickly the Rwandan development and the Spanish tailings reprocessing can be translated into operational reality.
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