Almonty Flips the Switch at Sangdong as China’s Tungsten Tightens Its Grip on Global Supply
Veröffentlicht: 07.07.2026 um 12:52 Uhr, Redaktion boerse-global.de
Almonty Industries has crossed the threshold from mine developer to tungsten producer just as Beijing’s export curbs send shockwaves through the market. The company’s Sangdong processing plant in South Korea began feeding stockpiled ore into its mill on July 1, 2026, turning roughly 139,700 tonnes of raw material into saleable concentrate. CEO Lewis Black called the move the formal transition to a revenue-generating operation for the site.
The timing is almost uncanny. Between February and April, China halted shipments of tungsten carbide and powder to Japan, triggering a violent price response. Tungsten hexafluoride, a gas used in semiconductor fabrication, surged 203.83% in a single month in April to $149.79 per kilogram. Across the Atlantic, the European price for ammonium paratungstate (APT) has climbed 234.2% since the start of 2026, ending the first week of July between $2,900 and $3,250 per metric tonne unit. The squeeze underscores how dependent the West remains on Chinese supply, which accounts for roughly 80% of global output.
Investors, however, have reacted with something close to a shrug. Almonty’s stock closed recently at around CAD 23.20, a far cry from the 52-week high of CAD 33.35 touched on April 17. That represents a decline of roughly 30% from the peak, a textbook “sell the news” pullback following a string of upbeat announcements. Over longer horizons the picture remains strong: the shares have advanced about 93% since the start of the year and roughly 211% over the past twelve months. The relative strength index of 43.8 suggests the equity is not overbought, leaving room for further gains.
Analysts have not wavered. The most recent rating stands at Buy with a price target of CAD 25, implying upside even after the retreat from the all-time high. The stock trades comfortably above its 200-day moving average of CAD 18.42, a signal that the underlying trend still points higher despite the recent correction.
Should investors sell immediately? Or is it worth buying Almonty?
China’s export controls have only reinforced the strategic case for Sangdong. The G7 nations have pledged to cut their reliance on any single tungsten supplier below 60% by 2030, a target that becomes more urgent with every new restriction out of Beijing. Almonty’s South Korean asset is one of the few large-scale non-Chinese tungsten operations with a realistic shot at helping fill that gap. The company has also stockpiled ore aggressively: the 139,700-tonne inventory, grading about 0.25% tungsten trioxide, carries an estimated gross value of roughly US$68 million at prevailing prices. Almonty says that stockpile covers about 2.6 months of Phase I processing capacity.
The real test, however, now shifts from construction to execution. The mill has started grinding, but the critical phase is the ramp-up — can the plant run reliably at nameplate capacity? Can the stockpile be converted into concentrate and then into cash? Almonty has been bleeding operating losses on its books, and the transition to a producing company is supposed to reverse that picture. Any hiccup in throughput or cost control could weigh on the shares, especially after such an extended run.
Investors will also be watching for any further equity dilution, a risk that has shadowed the stock during the development years. Sangdong’s capital needs have been substantial, and while the shift to revenue generation reduces the urgency of future fundraising, the balance sheet is not yet self-funding.
Almonty at a turning point? This analysis reveals what investors need to know now.
Still, the structural tailwinds are hard to ignore. Western defence systems rely on tungsten for armour-piercing munitions and other applications, while the semiconductor industry needs high-purity tungsten derivatives for chips, including those powering artificial intelligence. China’s recent export restrictions are not a temporary hiccup; they reflect a deliberate policy of leveraging its dominant position. That gives Almonty pricing power and a strategic premium that few junior miners enjoy.
The immediate priority for management is to demonstrate that Sangdong can produce consistent, saleable concentrate and turn the US$68 million ore stockpile into a revenue stream. If the mill runs smoothly over the coming weeks, the stock’s recent retreat will likely prove a buying opportunity. If not, the “producer” label will ring hollow until the numbers back it up. For now, Almonty has handed the market a positive catalyst — and the market has chosen to wait for proof.
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