Almonty's Sangdong Restart Locks In 21 Years of Demand as Stifel and Goldman Square Off
Published on 09/28/2026 at 06:41 | Editorial boerse-global.de
Two fresh analyst ratings landed on Almonty Industries within 24 hours of each other this week, and they could hardly be further apart. Stifel kicked off coverage with a Buy and a $25.00 price target, while Goldman Sachs had already moved the day before with a Neutral rating and a $13.00 target. The split verdicts did nothing to dampen the stock's momentum: shares closed Friday at EUR 12.09 on European trading venues, an 11% daily gain that brings the year-to-date advance to 52%.
At the heart of the disagreement lies the Sangdong project in South Korea, where Almonty has restarted tungsten mining for the first time since 1993. Commercial production began roughly two weeks ago, a milestone accompanied by final inspection certificates for the processing and crushing circuits — formal clearance that authorizes both commercial operation and the sale of tungsten concentrate. Since that restart, the stock has slipped 1.7%, a modest pullback against a much larger annual rally.
Goldman's caution rests on two pillars, according to media reports: an expectation that tungsten prices will normalize, and a view that the Sangdong ramp-up will proceed gradually, potentially trailing some market expectations. Stifel takes the opposite tack, treating the resumption of mining as a key catalyst capable of drawing fresh buying interest.
Should investors sell immediately? Or is it worth buying Almonty?
Offtake Booked Well Ahead of Output
Whichever view prevails on the pace of the ramp, Almonty has already removed much of the marketing risk from Phase I. More than 90% of production from that first phase is locked into contracts running 21 years from first delivery. A revised agreement with Global Tungsten & Powders covers 4,410,000 MTU over that span, with a contractual minimum of 210,000 MTU per year once the operation has ramped up.
The company is also widening its supply base beyond Korea. A multi-year take-or-pay arrangement with the Sandvik subsidiary Wolfram Bergbau und Hütten AG covers reprocessing of tailings at the Los Santos mine, guaranteeing a minimum volume of roughly 1,720 tonnes of contained tungsten trioxide. The deal includes a conditional one-time advance payment of USD 3.0 million for the offtake rights.
Rwanda Joint Venture Adds a Second Continent
Africa features prominently in the diversification push. Under a binding partnership, Rwanda takes a 25% stake in Almonty Rwanda in exchange for the Shyorongi concession and a mineral processing license, leaving Almonty with the remaining 75%. The venture is also permitted to source and export raw materials from local licensed operators. That agreement was struck more than a month ago, and the shares have climbed 194.4% since.
Taken together — long-dated supply contracts, the Sangdong restart and new feedstock sources on two continents — the group now stands on a broader operational footing than in previous years. For investors, the focus is shifting from deal announcements to execution: delivering a reliable ramp-up across the mining sites.
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