Almonty's Sangdong Plant Clears Final Inspection as Rwanda Deal and Spanish Offtake Reshape Its Supply Map
Published on 09/23/2026 at 15:40 | Editorial boerse-global.de
Almonty Industries is no longer just a project developer. With regulatory sign-off in South Korea, a long-term European sales channel and a state-backed venture in Africa, the tungsten producer is assembling the pieces of an integrated, multi-continent operation — and the market has taken notice.
Sangdong shifts into commercial gear
Roughly a week ago, the company secured the last inspection certificates for the processing and crushing circuits at its Sangdong mine in South Korea. That approval clears the path to full commercial production and the sale of tungsten concentrate from a deposit widely regarded as one of the most significant outside China.
Phase I of the project is now commercially operational, marking what the company describes as an on-schedule handover into routine marketing. For Almonty, the certification is the pivot from construction and commissioning to actually shipping product.
Spain adds a revenue stream from old tailings
While Asia moves toward output, Almonty is also monetizing ground it already holds in Europe. The company struck a multi-year offtake agreement covering tungsten concentrate from the Los Santos mine in Spain, with Wolfram Bergbau und Hütten AG — a subsidiary of Sweden's Sandvik group — as counterparty.
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Structured on a take-or-pay basis, the deal covers the recycling of existing mining residues, or tailings, turning material already on site into saleable volumes. It includes a conditional advance payment of USD 3 million to Almonty and a minimum volume of 1,720 tonnes of contained tungsten trioxide (WO?).
Rwanda trades processing rights for a 25% stake
On the African continent, the company broadened its resource base through a partnership with the Rwandan state. Under the arrangement, the government holds 25% of Almonty Rwanda Pty Ltd, while Almonty retains 75%. In return, Rwanda contributes the Shyorongi tungsten exploration concession along with a mineral processing licence. According to Reuters, the joint venture is aimed at developing the country's tungsten resources together.
Buyback and share performance
Back at the corporate level, Almonty's board approved a share repurchase programme for 2026 more than a month ago, authorizing the acquisition of up to 14,400,000 common shares. The buyback carries a total purchase price of up to USD 300 million and runs for 36 months, expiring on 24 August 2029.
The equity has tracked the operational progress. The stock closed yesterday at EUR 12.54, and today it is trading at EUR 12.36. Since the start of the year, the shares are up 58%, with the gains reflecting growing investor interest in the company's transformation. How quickly commercial volumes from South Korea reach their projected targets will shape the next chapter.
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