Almonty Seals 21-Year Offtake Deal with Global Tungsten as Sangdong Production Ramps Up

Almonty Industries expands Sangdong mine offtake with GTP, boosting volume 40% to $490M annual sales, as Western buyers seek non-Chinese critical mineral supplies.

The race to secure non-Chinese supplies of critical minerals has handed Almonty Industries a marquee contract just as its flagship South Korean mine starts churning out concentrate. China’s tightening grip on tungsten exports — together with a newly established state mining company, Guangyan International Investment, operating under the national development and reform commission — has sent Western buyers scrambling for alternatives. Almonty’s expanded offtake agreement with Global Tungsten & Powders (GTP), a unit of the Plansee Group, ties the pair together for two decades.

On July 14, 2026, Almonty said it had renegotiated the Sangdong mine’s central offtake contract with GTP, extending the term from 15 to 21 years, boosting the committed volume by 40% to 4.41 million metric tonne units (MTU), and improving the unit price by 6.3%. At prevailing ammonium paratungstate (APT) prices, the deal is expected to generate roughly US$490 million in annual sales from this single agreement alone. CEO Lewis Black called the combination of longer duration, higher volume, and better pricing “unmatched visibility” in the tungsten sector.

The volume upgrade translates into at least US$30 million in additional yearly revenue, or around US$630 million over the full contract life. Once Sangdong reaches full Phase I output, Almonty will guarantee minimum deliveries of 210,000 MTU per annum. The contract now covers approximately 90% of that first-phase production. A planned Phase II expansion — which would roughly double capacity — is explicitly excluded from the GTP deal, leaving further upside beyond the headline US$490 million.

The upgraded offtake follows the July 1, 2026, startup of Sangdong’s processing plant, moving Almonty from developer to producer. With GTP headquartered in Towanda, Pennsylvania, and serving as a key supplier to the U.S. defense industry, the arrangement carries strategic weight. Tungsten’s hardness makes it essential for armor-piercing rounds, cutting tools, and superalloys, and GTP’s commitment to a conflict-free source strengthens the partnership as Western governments build strategic stockpiles. The European Union has already proposed tungsten, alongside rare earths and gallium, for a joint reserve.

The market responded positively, with Almonty’s stock climbing roughly 5.7% on the day to close at C$22.31. The weekly gain stood at 5.63%, though the past 30 days tell a different story: a decline of 10.94%. That leaves the shares 11.19% below their 50-day moving average of C$25.12 and roughly 11% under the 100-day average of C$25.43. Despite the short-term pullback, the long-term trajectory is sharply higher. The stock is up 85.45% year-to-date and 235.49% over twelve months. It trades 18.52% above its 200-day moving average of C$18.82 and has surged 411.70% from the 52-week low of C$4.36 set in late July 2025.

Even with those gains, the shares remain 33.10% below the 52-week high of C$33.35 reached on April 17, 2026. The annualized 30-day volatility of 98.23% underscores wild swings, while the relative strength index at 45.3 points to neutral territory — neither overbought nor oversold. Almonty’s market capitalization stands at approximately €4.10 billion.

The timing of the contract expansion aligns with a red-hot tungsten market. The price of tungsten concentrate has surged from around US$900 per MTU at the start of 2025 to over US$3,100, reflecting China’s tighter export controls and rising global demand. For Almonty, securing a premium-priced long-term deal with a major Western buyer provides planning stability as it transitions from mine developer to full producer. Whether the higher contracted volumes translate into actual shipments depends on the further ramp-up of Phase I in the coming months. The Phase II doubling — still uncommitted — looms as a future catalyst.