Almonty Builds Three-Continent Tungsten Network as Rwanda Venture Takes Shape

Almonty forms a Rwanda tungsten joint venture, clears Sangdong's final certificates and signs a Los Santos supply deal with Sandvik's Wolfram.

Almonty Industries is stitching together tungsten operations across Asia, Europe and Africa, a strategy that carries added weight as Western governments tighten rules on where critical minerals may come from. The company's push spans fresh mining capacity, the reprocessing of old stockpiles and a state-level partnership in East Africa.

At the heart of the African expansion is a binding agreement with the Rwandan government. The two sides are forming a joint venture, Almonty Rwanda Pty Ltd, in which the state holds a 25 percent stake. Almonty keeps the remaining 75 percent. In return for its equity, Rwanda contributes the Shyorongi tungsten exploration concession along with a mineral processing licence.

Reuters reports that the arrangement is backed by a US economic framework and ties directly into American defence procurement rules. From January 2027, those rules will require full traceability of tungsten. The Rwandan project is designed to be built in stages: the first phase would draw ore, pre-concentrate and tailings material from existing licence holders and small-scale miners, with a central processing facility to follow later so that downstream work can be consolidated on site.

Sangdong Clears Its Last Regulatory Hurdle

On the other side of the map, Almonty's flagship Sangdong mine in South Korea has crossed a key threshold. Roughly a week ago, the company received the final inspection certificates for the project's processing and crushing plants. Those approvals open the door to commercial operation and to the sale of tungsten concentrate, completing Phase I of the project and moving it into routine marketing.

The Korean milestone and the Rwandan agreement are not the only moving parts. In Spain, Almonty has secured a long-term tungsten concentrate supply deal for the Los Santos mine with Wolfram Bergbau und Hütten AG, a subsidiary of Sweden's Sandvik group. The contract covers the processing and recycling of existing mine tailings, unlocking material directly at the Spanish site. It also includes an upfront payment of USD 3 million to Almonty.

Market Reaction and the Road Ahead

Trading in Almonty shares has been choppy around the operational news. The stock closed yesterday at EUR 12.54, and today it gave back 4.4 percent to EUR 11.98. Even after that pullback, the shares are up 51 percent since the start of the year, with the year-to-date gain having stood at 58 percent as of the prior close.

For investors, the story is shifting from project development to execution. How smoothly the Korean processing capacity is ramped up — and whether the step-by-step build-out of the Rwandan supply chain is in place before the new US rules take effect — will shape how the market values the company from here.