Almonty Builds a Non-Asian Tungsten Chain: Rwanda Rights, Spanish Tailings, and a Buyback

Almonty signs a long-term Spanish tungsten offtake with a Sandvik unit and a Rwandan joint venture, while launching a buyback and trimming listings.

Almonty Industries is stitching together a supply network that deliberately sidesteps the dominant Asian tungsten producers, and two recent agreements show how the pieces fit. A long-term offtake for Spanish tailings and a Rwandan joint venture give the Toronto-based miner both a near-term revenue stream and a fresh exploration footprint, while a share buyback and a shrinking list of trading venues round out the corporate housekeeping.

Sandvik Unit Signs On for Los Santos Tailings

The Spanish leg centers on reprocessing stockpiled material at the Los Santos mine. Under an agreement struck last Friday, Wolfram Bergbau und Hütten AG — a subsidiary of Sweden's Sandvik group — will take tungsten concentrate over the long term. The contract carries a minimum volume of roughly 1,720 tonnes of tungsten trioxide and includes a conditional prepayment of USD 3.0 million.

Pricing is index-linked and protected by a fixed floor, and the buyer is putting up capital that goes directly toward restarting the on-site processing plant. That structure eases the financial strain on Almonty as it ramps up the operation and locks in predictable revenue at the same time. For Western industrial buyers, deals of this kind are a way to secure tungsten access through contractually bound partners rather than spot exposure.

Rwanda Takes a Quarter of the Local Unit

On the African side, Almonty closed a binding agreement with the Rwandan government more than a month ago covering a stake in its operating subsidiary Almonty Rwanda. The company keeps a three-quarter majority, with the state holding the remaining quarter. In return, the joint venture receives the Shyorongi exploration concession for tungsten along with a regulatory license to process ore.

The arrangement plants Almonty's flag in a second production region and adds resources beyond its European mining assets, widening the base from which it can serve international customers.

Sangdong Ramp-Up and a Three-Year Buyback

These new pacts sit alongside progress at the company's core projects. Almonty reported the start of production at its Sangdong mine in South Korea more than a month ago; first ore had arrived at the Asian site in December of last year, with mining getting under way in the summer. Since that production announcement, the stock has shed 25.7%.

On the capital side, the board approved a buyback program roughly a month ago — a stretch in which the shares lost 14.5%. The authorization allows the company to repurchase up to 14,400,000 common shares for a total of no more than USD 300,000,000 over a multi-year period. A separate resolution, adopted around the same time, set the framework through August 24, 2029, a three-year window covering about 5% of the share capital. Management frames the program as a sign of confidence in its balance sheet and the earnings power of its resource base, pairing growth-oriented mine investment with targeted support for the share price.

Trimming the Listing Map

Alongside the buyback, Almonty has been consolidating where its shares trade. About three weeks ago it ended its listing on the Australian Securities Exchange after the local market supervisor approved the removal from the official list. The Toronto Stock Exchange listing had already been wound down earlier. The upshot is a single, simpler trading footprint and lighter administrative overhead.

Analysts Stay Constructive Even as the Tape Cools

Market watchers have taken note of the project milestones. Roughly three weeks ago — a period in which the stock gave up 20.9% — Jefferies initiated coverage with a Buy rating and a price target of USD 26.25. Both bullish houses point to Almonty's role in building a dependable Western supply chain, citing the heavily concentrated nature of global tungsten supply as the reason alternative development projects attract interest from international buyers.

The trading action has nonetheless shown some caution. Almonty shares closed Friday at EUR 12.07. Despite the recent softness, the stock is up 52% since the start of the year, giving the company a market value of EUR 2.74 billion.