Almonty Ties Up Spanish Tailings Offtake as Korean Production Ramps and Rwanda Venture Takes Shape

Almonty adds a Spanish tungsten offtake, a Rwandan joint venture and Korean output as its shares slip 10.9% since Sangdong production began.

Almonty Industries is stitching together a three-continent tungsten footprint, pairing a newly commissioned South Korean mine with a Spanish reprocessing deal and an African exploration venture. The push comes as the company's shares cool off from their spring rally.

The stock closed Thursday at EUR 10.96, down 8.4% on the day. Since commercial tungsten production began at Sangdong a little over a week ago, the shares have given back 10.9%. Even so, Almonty remains up 38% year to date — a reflection of management's efforts to squeeze more value from existing properties and lock in future output through long-term contracts.

Spain: Turning Tailings Into Revenue

The centerpiece of the European effort is a multi-year take-or-pay offtake agreement for tungsten concentrate with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group, signed on September 17. The contract covers the economic reprocessing of stockpiled material at the Los Santos mine, which has been in a scheduled care-and-maintenance phase since February 2020.

At least around 1,720 tonnes of contained WO? fall under the arrangement, alongside a conditional one-time payment of USD 3.0 million tied to the offtake rights. The structure lets Almonty monetize leftover material on site without having to build fresh mining capacity there.

Korea: Final Permit Clears the Way

Behind the Korean production launch sits regulatory sign-off on the processing and crushing facilities at Sangdong. Those certificates satisfied the last formal requirement for commercial ore processing and for distribution both in South Korea and on international markets.

Rwanda: A 75/25 Joint Venture

On the African side, Almonty signed a binding agreement with the Rwandan government more than a month ago to form a joint venture. Under the terms, the company keeps 75% of Almonty Rwanda Pty Ltd, with the state holding the remaining 25%. Rwanda contributes the Shyorongi exploration concession and a minerals processing license. Beyond exploring the new area, the venture plans to buy, process and export raw ore as well as pre- and fine concentrates from already active license holders in the country.

What Comes Next

With Spain, South Korea and Rwanda now in the mix, Almonty's project pipeline is noticeably broader than it was a year ago. Market watchers will be watching how smoothly the delivery commitments are executed and whether the concentrate can be processed reliably at an industrial scale in the months ahead.