Almonty Industries Nears Production at Sangdong Tungsten Mine

Almonty Industries is on the brink of commencing production at the Sangdong Tungsten Mine in South Korea. The mine, owned entirely by Almonty and partially by Deutsche Rohstoff AG with a 12% stake, is poised to become the world's largest tungsten mine outside China. It holds a strategic presence due to its significant tungsten deposits, attracting global interest.

Recently, the Sangdong mine started ore extraction, with preparations facilitating access to high-grade tungsten ore. The project holds over 50 million tons of reserves, positioning it as a critical resource against China's dominant tungsten output. The construction of the accompanying ore processing plant is progressing swiftly, aiming to deliver a high-grade tungsten concentrate.

Sangdong's potential extends to meeting a significant part of the global tungsten demand. With geopolitical tensions fueling supply constraints, the mine represents a diversification opportunity for international markets. Additionally, Almonty is set to boost its operations with advancements in molybdenum extraction within the same lease area.

These developments have led to a 66% increase in Almonty's share price in 2024, with Deutsche Rohstoff AG as a major shareholder. The evolving landscape offers prospects for increased profitability and strategic positioning in the global tungsten market.