Legal Battle Intensifies as Almonty Industries Defends Market Position

As tungsten prices soar, Almonty Industries sues rival Pure Tungsten for misinformation, while both advance major mine projects in South Korea to capture market share.

A fierce competition for market share is unfolding in South Korea against the backdrop of skyrocketing tungsten prices. Almonty Industries finds itself in a legal confrontation with emerging rival Pure Tungsten, alleging a campaign of deliberate misinformation. This dispute has escalated precisely as both companies announce significant milestones in their respective production pipelines.

A Booming Market Sets the Stage

The aggressive posturing from both firms is driven by profound shifts in the global commodities sector. Chinese export restrictions coupled with robust demand from industrial and defense applications have sent prices soaring. Since February of last year, the benchmark price for Ammonium Paratungstate (APT) has surged by 557 percent. This price rally is cementing a strategically vital role for non-Chinese producers within the supply chain.

Clash Moves to the Courtroom

The conflict entered a new phase in October 2025 when Almonty filed a lawsuit with the Ontario Superior Court of Justice. The company’s management accuses Pure Tungsten of disseminating misleading claims regarding Almonty's operations and the purported involvement of former contractor Tiger Kim. According to Almonty, cease-and-desist demands were ignored. The situation worsened when Pure Tungsten countered with threats of criminal proceedings in South Korea against Almonty CEO Lewis Black. Black has characterized this information campaign as a direct threat to market integrity and shareholder interests.

Rival Expansion Plans Advance

Undeterred by the ongoing litigation, Pure Tungsten is pushing forward with its own ambitious schedule. Last Saturday, the competitor unveiled a development roadmap for its Ssangjon mine, targeting initial tungsten concentrate production as early as June 2026. Bolstered by a recent financing round, the company's long-term goal is to achieve an annual capacity of 4,000 tonnes of tungsten trioxide.

On the other side, Almonty has completed the first commissioning phase at its flagship Sangdong mine. The facility is initially designed for an output of approximately 2,300 tonnes of tungsten concentrate per year. A planned expansion in 2027 is expected to double this production volume. At full capacity, Sangdong could eventually meet an estimated 40 percent of global tungsten demand outside of China.

Strategic Stakes for Almonty

The outcome of this legal and commercial contest holds significant implications. If Almonty successfully executes its planned ramp-up in South Korea while containing these legal challenges, it stands to solidify its position in this critical supply chain. The company's shares last traded at $15.36 on April 2.