What's Happening?
Almonty Industries has initiated processing operations at the Sangdong Mine in South Korea's Gangwon Province, marking a significant transition from development to the production of saleable tungsten concentrate. This development introduces a new revenue
stream for the company. The processing began in June 2026, utilizing stored run-of-mine ore. By the end of the first quarter, Almonty had stockpiled approximately 120,000 tons of ore with an average grade of 0.24% tungsten trioxide. During the second quarter, an additional 19,700 tons of ore at 0.35% tungsten trioxide were mined, and 214.6 meters of underground development were advanced, primarily along the main vein. The total stockpiled ore available for processing reached about 139,700 tons, blended at roughly 0.25% tungsten trioxide. The initial processing stage uses lower-grade ore to facilitate ramp-up and improve ore blending for consistent plant feed quality.
Why It's Important?
The commencement of processing operations at the Sangdong Mine is crucial as it re-establishes a significant source of tungsten, a strategically critical metal, in the global market. This move is particularly important given the historical decline in the Western tungsten supply chain. The current market prices value the tungsten in the stockpile at approximately $68 million, providing a substantial economic boost to Almonty Industries. The Sangdong Mine's operations are expected to enhance the company's financial performance and contribute to the global supply of tungsten, which is essential for various industrial applications, including electronics and aerospace. This development also underscores the strategic importance of diversifying and securing supply chains for critical minerals.
What's Next?
Almonty Industries plans to continue ramping up operations at the Sangdong Mine, with the existing stockpile representing about 2.6 months of throughput for the first phase of operations. The company aims to upgrade the run-of-mine material into high-purity tungsten concentrate, further enhancing its market position. Additionally, Almonty's acquisition of a tungsten project in Montana in October 2025 indicates its strategy to expand its tungsten production capabilities, potentially transforming it into the first U.S. mine in a decade to produce tungsten. This expansion could further solidify Almonty's role in the global tungsten market and contribute to the diversification of the U.S. critical minerals supply chain.
