Almonty Turns Spanish Tailings Into Revenue While Rwanda Venture Opens Africa's Door
Published on 09/19/2026 at 20:50 | Editorial boerse-global.de
Almonty Industries is reshaping its tungsten business on two fronts at once, pairing a near-term cash-generating offtake deal in Europe with a long-range exploration play in Africa. The dual strategy has caught investors' attention: the stock ended Friday at EUR 12.07, down 1.8% on the day, yet still up 52% since the start of the year. That gap between a soft session and a strong annual gain tells the story of a company in the middle of a deliberate repositioning.
A Take-or-Pay Contract Anchored in Spanish Tailings
The more immediate piece of the puzzle landed Thursday, when Almonty signed a multi-year tungsten concentrate supply agreement with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group. Structured as a take-or-pay arrangement, the contract guarantees a minimum volume of roughly 1,720 tonnes of contained tungsten trioxide (WO?).
The feedstock will come from reprocessing tailings at the Los Santos mine in Spain — material that already sits on site and requires no new extraction. Under the terms, Almonty receives a conditional advance payment of USD 3.0 million for the offtake rights granted. The arrangement lets the company convert existing residue into commercial product while locking in committed purchase volumes, though the cash inflow remains tied to meeting defined contractual conditions and to actual progress in the reprocessing work.
Rwanda: 75/25 Split With the State
Three days earlier, on Monday, Almonty cemented a binding partnership with the Rwandan government to create a joint venture called Almonty Rwanda. The company holds 75% of the entity, with the state taking the remaining 25%. In return, Rwanda contributes the Shyorongi tungsten exploration concession along with an official mineral processing license.
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The venture is designed to serve as a central trading and processing platform. Its mandate covers the purchase of raw ore, pre-concentrates and processing residues from local license holders and small-scale miners, with those materials to be sold or further processed. Until a dedicated processing plant is built in the country, the agreement allows for export of the material. Reuters reported that the Rwandan initiative enjoys backing from a U.S. economic framework aimed at making global critical-minerals supply chains less dependent on Chinese suppliers — a layer of geopolitical support that adds weight to Almonty's exploration ambitions.
Balance Sheet Fuel for the Global Push
Funding for this expansion rests on a comfortably liquid balance sheet. In second-quarter 2026 results reported more than a month ago, Almonty posted revenue of CAD 43.0 million and net income of CAD 181.8 million. As of the June 30, 2026 reporting date, cash stood at approximately CAD 1.23 billion.
Alongside the operational moves, management has been consolidating its exchange presence. After completing its withdrawal from Canada's Toronto Stock Exchange, the company ended its listing on Australia's ASX roughly two weeks ago, concentrating trading activity on fewer international venues.
Two Tracks, One Strategy
Taken together, the pieces form a coherent picture. The Los Santos contract is about speed — monetizing resources that already exist in Europe and converting them into predictable revenue. Rwanda is about reach — securing access to future sources of supply. For shareholders, that means near-term income potential from stockpiled tailings sitting alongside the familiar risks and rewards of long-horizon exploration.
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