Almonty Industries has moved quickly to convert its expanding tungsten footprint into contracted cash flow, wrapping up a multi-year offtake arrangement for its Spanish tailings operations just days after firing up commercial production in South Korea.
The Toronto-listed miner disclosed a take-or-pay agreement with Wolfram Bergbau und Hütten AG, a subsidiary of Sweden’s Sandvik group, covering the reprocessing of historical tailings at its Los Santos site in Spain. The contract, signed on 17 September, commits the buyer to a minimum volume of roughly 1,720 tonnes of contained tungsten trioxide (WO₃) and includes a conditional prepayment of US$3.0 million.
For Almonty, the deal turns a legacy stockpile into a predictable earnings line without requiring any new mining capacity. The take-or-pay structure shifts market risk onto the counterparty, while Sandvik’s tungsten unit secures direct contractual access to concentrate at a time when non-Asian supply is at a premium.
Three Continents, One Strategy
The Spanish offtake slots into a broader push that now spans Europe, Asia and Africa. Roughly a week ago, Almonty kicked off commercial tungsten production at its Sangdong mine in South Korea, following the receipt of final inspection certificates for the processing and crushing circuits — the approvals that green-light both commercial operation and the sale of tungsten concentrate. Management says more than 90% of Phase I output is already tied up under existing contracts.
On the African front, the company finalised a joint venture with Rwanda more than a month ago. Under the terms, the state holds a 25% stake in Almonty Rwanda, with the company retaining the remaining 75%. Rwanda contributed the Shyorongi exploration licence and a mineral processing permit in return for its minority position.
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Supply-Side Pressure Keeps the Story Alive
The strategic backdrop remains supportive. China has reportedly named 15 tungsten exporters for 2026, a move that keeps pressure on Western buyers to diversify away from dominant Asian suppliers. Almonty’s stated aim — building dependable supply chains for Western customers — fits squarely into that narrative.
A Stock Pulling in Two Directions
Trading has been anything but linear. The shares changed hands at EUR 12.24 on the day the Sandvik-linked deal was in focus, a gain of 13%. Yet on the most recent Friday, the stock printed at EUR 11.16, up 2.6% on the session. Since the start of the year, the paper has added 41%, though the past 30 days show a decline of 22%, and the stock has slipped 9.2% since the Sangdong commercial launch.
Market participants are now weighing the steady accumulation of offtake agreements and production milestones against broader swings in the raw materials sector — a tug-of-war that leaves the shares caught between operational progress and sector-wide volatility.
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