Almonty Plans First Tungsten Concentrate Shipment on October 24
Almonty Industries is ramping up tungsten production at its Sangdong project in South Korea, with the first concentrate shipment scheduled for Oct. 24. The company's shares fell 4.4% to €10.32 as ammonium paratungstate prices weakened and the Chinese market floor dropped by RMB 20,000. CEO Lewis Black discussed the softer price environment at an investment forum.
Almonty's Sangdong operation in South Korea has entered initial production, roughly two weeks after tungsten mining began. While first-phase output is underway, the company is also advancing second-phase development. Management has scheduled the first concentrate cargo booking for Oct. 24.
The company has repurchased about $48 million of its own stock. Separately, Pure Tungsten issued a settlement correction stating Tiger Kim never held an executive or board role at Almonty. APT spot trading was quiet, with weaker offers and China's lower price threshold down RMB 20,000.
Almonty's progress may matter to manufacturers reliant on tungsten for industrial uses, though the article doesn't specify end users. A successful shipment could support supply diversification outside dominant producers, potentially benefiting buyers seeking stable sources. Conversely, weaker APT prices may pressure project economics, affecting shareholders and future investment. Local employment and regional activity around Sangdong could be influenced, but near-term market sentiment may dominate.