Almonty's Sangdong Mill Ramps to 16-Hour Days as Debut Tungsten Cargo Awaits October 24 Sailing

Almonty shares gained 34% this year as its Sangdong tungsten plant extends operating hours, with the first concentrate shipment booked for October 24.

Almonty's stock added 2.7% on Friday to close at EUR 10.61, a move that came without any fresh company announcement to explain it. Such drift is unremarkable for mining equities, and it fits a broader pattern in which investors are sizing up the Korean tungsten producer's operational progress rather than reacting to headlines. The shares have now gained 34% since the start of the year, even after several weeks of choppy trading.

Mill Throughput Steps Up

The centerpiece of the company's story remains its Sangdong mine in South Korea. On September 21, the processing plant and crushing circuits secured final operating certification, formally authorizing commercial production and the sale of tungsten concentrate. Roughly two weeks ago, in a shareholder letter, CEO Lewis Black reported that the first bags of concentrate had been produced, with the mill then running seven days a week at 13 hours per day.

That figure has since moved higher. Speaking Wednesday at the 20th International Investment Forum, Black said the plant's operating time has been extended to about 16 hours daily. The first shipload of concentrate is booked for October 24, marking the next logistical milestone. The transition to continuous operation is the stated goal, though the ramp-up phase is notoriously tricky for mine operators — each step demands fine-tuning of the grinding and processing circuits before the flows mesh smoothly.

Phase II and the Western Supply Chain Bet

Beyond the first production phase, management is pressing ahead with planning for Phase II. The company emphasizes a supply strategy aimed at Western markets. Tungsten underpins a wide range of key technologies, and global supply is heavily concentrated, so the plan targets independent capacity outside the dominant source countries.

Legal Loose End Tied Up

Alongside the operational advances, Almonty settled a legal dispute on October 2. Under a settlement, Pure Tungsten published a clarification regarding Tiger Kim, stating that he never held any position in Almonty's management, board of directors, or supervisory body. His work as an independent contractor had already ended in 2015. The matter, which had caused some confusion earlier, no longer figures in how the company is valued.

What Comes Next

Attention now centers on whether the company meets its targeted shipping date and continues lifting plant utilization as planned. Until the vessels actually sail, shareholders should brace for further volatility. Production is under way, but the real test in commodity markets has yet to begin.