Western Tungsten Supply Race Accelerates as Almonty Expands on Three Continents
Published on 09/21/2026 at 15:41 | Editorial boerse-global.de
Western governments and industrial groups are pouring capital into efforts to secure tungsten supplies outside China's dominant production chain, and the momentum is showing up in both corporate dealmaking and equity markets.
The clearest signal came from the Elmet Group, which according to Reuters locked in a contract worth roughly USD 2 billion with the U.S. Defense Logistics Agency to build up strategic tungsten stockpiles. The U.S. Department of War chipped in an additional USD 450 million to speed up the company's manufacturing capacity.
That backdrop has pushed mine operators and project developers into the investor spotlight. Almonty's shares changed hands at EUR 12.50 in European trading, a gain of 3.8%, after closing at EUR 12.07 on Friday. The stock has climbed 52% since the start of the year.
Long-Term Offtake Commitments Lock In Future Output
Almonty has spent recent months stitching together supply agreements that stretch decades into the future. On July 14, the company widened its partnership with Global Tungsten & Powders LLC (GTP), extending the offtake contract to 21 years from the date of first delivery. Contracted volumes rose 40% to 4,410,000 units.
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The arrangement guarantees fixed purchase quotas for future production while reflecting a broader push by industrial buyers to secure permanent access to critical technology metals from sources outside dominant supplier nations.
A second agreement took effect last Friday, covering tungsten concentrate with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group. That contract governs the reprocessing of existing tailings at the Los Santos mine in western Spain and carries a minimum volume of about 1,720 tonnes of contained tungsten trioxide, alongside a conditional advance payment of USD 3.0 million.
Rwanda Venture Adds Exploration and Processing Rights
A binding agreement with the Rwandan government created a joint venture, Almonty Rwanda Pty Ltd, in which the company holds 75% while Rwanda took 25% in exchange for mining rights at the Shyorongi deposit. The deal covers exploration as well as a mineral processing license in the Rulindo district, and allows the venture to buy and process raw ore, pre-concentrates and tailings material from local producers. Until a dedicated processing plant is completed, the material is slated for export.
Buyback and Delistings Reshape the Capital Structure
Alongside its operational moves, Almonty has been reworking its market presence. Roughly a month ago, management approved a share buyback program covering up to 14,400,000 common shares, with a total volume of up to USD 300,000,000 spread over three years. The company also consolidated its listings: after delisting from the Toronto Stock Exchange at the close of July 31, its quotation on Australia's ASX ended about three weeks ago.
Recycling Push and Analyst Backing
Tight supply conditions are visible in world market prices, and major corporations are stepping up recycling efforts to reduce reliance on primary imports. Mitsubishi Materials announced it will invest around JPY 8 billion in subsidiary Japan New Metals to double recycling capacity at its Akita site to 2,400 tonnes of tungsten trioxide equivalent by April 2029.
Almonty's strategic steps drew a positive market response. D.A. Davidson reaffirmed its buy rating on September 15 and kept its USD 33 price target. With a market capitalization of EUR 2.74 billion, the company remains a central piece in Western plans to reorganize critical minerals supply chains.
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