Almonty is positioning Sangdong to become the West’s tungsten anchor—pairing high-grade, low-cost supply with unprecedented floor-price offtakes amid a geopolitically driven re-rating of critical minerals.
Overview
Almonty Industries is evolving from a small tungsten producer into a strategically important, vertically integrated non-China supplier of a critical defense and high-tech metal. Today, Panasqueira (Portugal)—a long-life mine with exceptionally high concentrate grades (~73.5% WO3)—anchors revenue via concentrate sales to global processors. The transformational step is Sangdong (South Korea), with Phase 1 commissioning completed and commercial ramp-up expected to drive a step-change in output; Phase 2 aims to double capacity and position Almonty to supply an estimated ~40% of tungsten demand outside China. The model is materially de-risked by long-dated offtake agreements with Tier 1 partners (notably Plansee) that include rare floor price guarantees, improving revenue stability and financing certainty. Strategically, Almonty plans to move downstream into higher-margin tungsten oxide/nano-oxide processing—particularly relevant to South Korea’s semiconductor and battery ecosystems, which are heavily dependent on Chinese imports—creating a differentiated proposition centered on geopolitical resilience, stable jurisdictions, and scalable supply.