Processing has officially begun at Almonty Industries’ Sangdong tungsten mine in South Korea, shifting the project from development into revenue generation. The company started feeding ore through the mill on July 1, 2026, backed by a stockpile of roughly 139,700 tonnes of raw material grading 0.25% tungsten trioxide – enough to keep the Phase-I circuit running for about 2.6 months. At current market prices, the contained tungsten carries an estimated gross value of $68 million.
The timing places Sangdong squarely in the crosshairs of a tungsten market that is tightening by the month. China, which controls roughly 80% of global output, slashed exports of tungsten carbide and powder to Japan to zero between February and April 2026. That seismic shift sent prices for tungsten derivatives into overdrive. Tungsten hexafluoride, a gas essential for semiconductor manufacturing, surged 203.83% in April alone to $149.79 per kilogram. In Europe, the price of ammonium paratungstate has climbed 234.2% since the start of the year, trading on July 2 between $2,900 and $3,250 per metric tonne unit.
Adding a geopolitical layer to the commodity squeeze, the United States has enacted a ban on defence-related tungsten purchases from China, Russia, Iran and North Korea, taking effect January 1, 2027. With just six months until that deadline, western military and aerospace buyers are racing to line up alternative supplies. Sangdong, located in a politically stable region with large reserves, offers a rare non-Chinese source of high-purity tungsten concentrate.
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The mine also benefits from its proximity to South Korea’s semiconductor expansion. The government is pushing a massive chip complex in the Honam region, with four new fabrication plants planned by Samsung and SK Hynix. While water and power supply details remain unresolved, Almonty sits at a strategic position in the critical-minerals supply chain for an industry that consumes tungsten hexafluoride in volume.
On the market side, Almonty’s stock has reflected both the excitement and the volatility of the narrative. Shares closed at C$23.23 on Monday, down 30.34% from the 52-week high of C$33.35 reached on April 17, but still up 93.10% year-to-date. Over twelve months the gain stands at 211.81%. The relative strength index sits at 43.8, indicating the stock is not overbought despite the sharp run-up.
CEO Lewis Black described the processing start as the formal transition to a revenue-generating operation for the South Korean site. The immediate focus now is on converting the accumulated ore stockpile into saleable concentrate at a reliable rate. Sangdong’s ability to deliver consistent output in the months ahead will determine whether it can secure long-term contracts with western buyers before the US import ban locks in, and whether the share price can recapture its April peak.
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