Almonty's Sangdong Mine Enters Commercial Production, Anchoring a Three-Continent Tungsten Strategy
Published on 09/22/2026 at 10:50 | Editorial boerse-global.de
Almonty Industries has crossed the threshold from developer to producer. Final operating certification for the Sangdong tungsten mine in South Korea was granted last Thursday, and the news lifted the stock 5.9% on Monday to close at EUR 12.75. The company now commands a market value of EUR 2.74 billion, with its shares quoted at EUR 12.79.
The regulatory green light covers both the first operating phase and the start of tungsten concentrate sales. Management has classified that initial phase as commercially ready, and the processing and crushing circuits at Sangdong have secured their final inspection certificates. The approval is widely viewed as the prerequisite for shifting the site into regular production and delivering larger volumes of the strategic industrial metal to global markets.
Offtake Book Locked In
Long before the certification arrived, Almonty had already tied up the marketing side of its future output. More than a month ago, the company extended its purchase agreement with Global Tungsten & Powders to 21 years from first delivery, covering a contracted volume of 4,410,000 MTU.
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A second long-term arrangement covers tungsten concentrate from the Los Santos site in Spain, where Almonty is working to recover value from existing resources. That take-or-pay contract with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group, targets the reprocessing of tailings and carries a conditional advance payment of USD 3 million. It secures offtake rights over at least roughly 1,720 tonnes of contained tungsten trioxide. The cooperation is structured to purchase ore, pre-concentrates and tailings material from local licensees for further processing, with mobile processing units stationed near the stockpiles.
Rwanda Venture Adds African Footing
Beyond its established mines, Almonty is opening up new deposits on the African continent. The company holds a 75% majority stake in the operating entity Almonty Rwanda Pty Ltd, with the Rwandan government retaining the remaining 25%. Under the agreement, the state contributes the mining rights for the Shyorongi tungsten exploration area along with a mineral processing licence. Reuters reports that the project is backed by a United States economic accord aimed at building resilient supply chains for critical minerals outside China.
The combination of secured production sites and fixed offtake contracts gives the miner a distinctive position in the sector. With the operational confirmation at Sangdong restoring momentum after a weaker stretch, the stock is up 61% since the start of the year — a gain that underscores how much weight global trade now places on alternative tungsten sources.
Attention now turns to how quickly Almonty can scale up mining rates in South Korea. Sangdong stands as the group's core project, and its performance will be the measure of how efficiently commercial concentrate processing runs at industrial scale.
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