Almonty Wins Korean Sales Clearance as Spanish Offtake and Rwanda Venture Reshape Its Tungsten Map

Almonty Industries can now sell tungsten concentrate from Sangdong after mine inspection certificates, backed by a Sandvik unit offtake and a Rwanda JV.

Almonty Industries has crossed the threshold from developer to active producer, securing the regulatory green light to sell tungsten concentrate from its Sangdong operation in South Korea. The approval caps a run of milestones spanning three continents and marks a decisive shift in how the company generates revenue.

Mine inspection certificates are now in hand, formally authorizing commercial operation of both the processing plant and the crushing circuits at Sangdong. With that, Phase I of the site stands fully commissioned. The restart of the historic deposit is widely viewed across the industry as a meaningful addition to global tungsten supply, offering an alternative to the handful of countries that have long dominated output.

Spain Contract Locks In Years of Offtake

Underpinning the Korean ramp-up is a multi-year supply agreement in Europe built on firm purchase commitments. Almonty has contracted with Wolfram Bergbau und Hütten AG, a subsidiary of the Sandvik group, covering a minimum of roughly 1,720 tonnes of contained tungsten trioxide (WO?). The material will come from reprocessing the tailings at the Los Santos mine in Spain, a site that has sat in planned care and maintenance since February 2020.

Tied to the offtake rights is a conditional one-time payment of USD 3.0 million. The arrangement sets the stage for Almonty to bring processing back online at the Spanish location.

Rwanda Joint Venture Widens the Feedstock Base

Africa forms the third leg of the strategy. More than a month ago, Almonty signed a binding accord with the Rwandan government creating a joint venture, Almonty Rwanda Pty Ltd, in which the company holds 75 percent and the state retains 25 percent. Rwanda's contribution to the partnership consists of the roughly 32-square-kilometer Shyorongi tungsten exploration concession along with a mineral processing license.

The venture's mandate reaches past pure exploration. Backed by local authorities, Almonty Rwanda intends to buy ore, pre-concentrate and wash residues from existing licensed operators in the country, then upgrade or on-sell those materials. A separate license for a mobile unit dedicated to processing mining residues has also been granted.

Shares Give Back Ground After Production Milestone

Despite the operational momentum, the equity has been in consolidation mode. The stock closed Thursday at EUR 10.96, down 8.4 percent on the day. Measured from the production start, the decline amounts to 10.9 percent.

Those losses sit against a still-solid year-to-date advance of 38 percent. What now draws investor attention is execution: scaling output at each site and converting the signed offtake and processing contracts into steady cash flow.