Almonty's Sangdong Ramp-Up Hits a Half-Speed Snag as Replacement Filter Press Takes the Spotlight

Almonty's push to bring its Sangdong operation into steady production is running into the kind of teething trouble that matters more to the investment case than any single day's share move. In a company update published yesterday, CEO Lewis Black reported that round-the-clock operations had begun — only to be interrupted almost immediately by equipment trouble.

The timeline is specific. Continuous operation started on 1 November and lasted ten hours before a device failure forced a halt. Two hours later, the plant was running again. Black described commissioning as still incomplete, and the company said the commissioning problem persists.

A Filter Press Running at Half Its Rated Rate

The most concrete bottleneck sits in the filter press. According to Black, the unit is processing 40 tonnes per hour against a stated capacity of 80 tonnes per hour — half its nameplate performance. Almonty is working to install a replacement press, a swap that now serves as the key test of whether the operation can be made reliable.

Progress on finished-product quality is approaching the 50% mark, Black said, even as the technical difficulties continue. That combination — quality gains alongside unresolved commissioning issues — argues for a measured view until the plant proves itself in practice. The speed of the restart after the November outage counts in the company's favor, provided the underlying fault can be fixed for good. Whether the new filter press actually reduces the plant's susceptibility to breakdowns is the yardstick by which the next round of progress should be judged.

Wolfram Market Sends Mixed Signals

The operating news lands against a Western tungsten market that remains tight but is not moving in one direction. Industry consultant Michael Dornhofer said Friday that supply on the Western spot market stays constrained by China's export licensing system. Even so, Western prices for APT, the tungsten intermediate product, have eased by roughly 2% over the previous two weeks.

Dornhofer also flagged signs of firmer prices in China's domestic market, drawing a distinction between Chinese and Western pricing. He attributed the limited Western spot supply squarely to Beijing's licensing regime.

Shares Gain on the Day, Still Deep in the Red Over 30 Days

Almonty's stock rose 2.5% on Friday to close at €7.27. That gain stands against a 31% decline over the past 30 days — a reminder of how much ground the shares have lost even as the daily tape turned green.

Gentung Adds a Second Data Point

Beyond Korea, Almonty's Gentung tungsten project in Montana offers another angle on the story. Montana joined the federal FAST-41 process roughly two weeks ago, a change the company says should coordinate state and federal permitting schedules for projects like Gentung. Better administrative footing is a plus, though Sangdong still carries more weight for the near-term view: it is where Almonty is already reporting hands-on operating experience and active technical work.

On balance, the case for a cautiously constructive reading of Almonty rests on whether the replacement filter press stabilizes operations. The reported quality progress gives that thesis a foothold. What settles it is the plant's practical performance — and that is where a more positive assessment should anchor itself.