Almonty Turns Sangdong Certification Into a 21-Year Offtake Anchor
Published on 09/23/2026 at 04:40 | Editorial boerse-global.de
Western manufacturers scrambling for tungsten outside Chinese supply chains have a new reason to pay attention to Almonty Industries. The Toronto-listed miner has cleared the last regulatory gate at its flagship South Korean asset and locked most of its first-phase output into a multi-decade contract — a combination that shifts the company's profile from project developer to genuine producer of the industrial metal.
Final certificates open the commercial door
Korean authorities have issued the concluding inspection certificates for Sangdong's processing and crushing circuits. That sign-off authorizes commercial operation and permits Almonty to sell tungsten concentrate, satisfying the last formal condition attached to the mine's first production phase. For industrial buyers, the approval matters beyond Almonty's own books: tungsten has no meaningful substitute in toolmaking, so a new non-Chinese source chips away at long-standing delivery risk.
The ramp-up now has a customer base behind it. A 21-year offtake agreement with Global Tungsten & Powders covers more than 90 percent of phase-one volumes, a total of 4,410,000 metric tonne units. The Sangdong processing plant is designed to handle 640,000 tonnes of ore annually in that first phase, giving the contract a firm production backbone rather than a paper commitment.
Washington tightens the screws on scrap and procurement
The supply picture outside China is tight enough that regulators are stepping in. According to the U.S. Geological Survey, China accounted for 67,000 tonnes of last year's roughly 85,000 tonnes of global mine production, while the United States has run no domestic mine output for more than a decade. A Bureau of Industry and Security rule now obliges American tungsten scrap sellers to offer their full monthly volumes to domestic buyers first. From January 1, 2027, procurement directive DFARS 252.225-7052 will bar military supplies sourced from certain countries. Fastmarkets data show concentrate prices outside China holding between USD 2,500 and USD 2,800 per tonne unit since late May.
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Those constraints explain why long-term contracts with producers outside the dominant Asian region carry strategic weight — and why the market itself is expected to swell. The Business Research Company projects the sector growing from about USD 6.66 billion this year to roughly USD 9.62 billion by 2030, an average annual expansion of around 9.6 percent.
Spain and Rwanda round out the map
Almonty is not limiting itself to Korea. In Europe, the company struck a long-term supply arrangement with Sandvik subsidiary Wolfram Bergbau und Hütten AG covering the recycling of existing tailings at the Los Santos mine in Spain. Access to that stockpile material comes with a USD 3 million advance payment to Almonty. Reprocessing old residue costs far less than opening a conventional mine, handing the group extra liquidity while deepening its European footprint.
On the African continent, management has broadened its international reach through a Rwandan joint venture. Reuters reports that the Rwandan government holds 25 percent of Almonty Rwanda Pty Ltd, leaving Almonty with 75 percent. In return, the company receives the Shyorongi exploration concession along with a mineral processing license.
Share price momentum cools on the day
Equity markets have already registered the transformation. The stock closed Tuesday at EUR 12.29, a daily decline of 3.6 percent, after finishing the prior session at EUR 12.54. Even with that pullback, Almonty shares have added 55 percent since the start of the year — a gain that reflects growing investor appetite for secured raw material sources outside dominant producing nations.
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