Almonty Industries, a prominent tungsten miner based in Toronto, is set to relocate its jurisdiction of incorporation to the United States. This strategic move aims to enhance the company’s competitiveness within the global tungsten and molybdenum markets. Specifically, Almonty intends to complete its “US domestication” in Delaware by early March, pending necessary approvals. This relocation also involves shifting its headquarters to the US, likely New York City.
Adapting to Geopolitical Shifts and Market Demands
Evolving geopolitical tensions and changing government policies drive Almonty’s decision. For instance, China’s export ban on super-hard materials and the US’s focus on securing domestic supply chains for critical metals significantly influence this move. Moreover, the US government’s efforts to restore “mineral dominance” further underscore the importance of this strategic shift. A future rule restricting US defense contracts for companies sourcing tungsten from “covered nations” like China and Russia also plays a pivotal role. This rule, effective January 1, 2027, will solidify Almonty’s position as a key tungsten supplier for businesses partnering with the Pentagon.
Expanding Operations and Securing Strategic Partnerships
Almonty produces tungsten concentrates from its Los Santos and Panasqueira mines in Spain and Portugal. The company’s focus remains on ramping up operations at its Sangdong project in South Korea. This project anticipates producing 2.3 million metric tonnes of tungsten oxide annually in its initial phase. Nearly half of Sangdong’s output will supply Pennsylvania-based Global Tungsten & Powders (GTP) through a long-term agreement. The remaining output will serve the Korean market. Future plans for Sangdong include adding a smelter and increasing production to 4.8 million tonnes per year. Almonty also considers expanding downstream processing capabilities or partnering with existing value chain operators. These initiatives aim to establish Almonty as a vertically integrated tungsten producer, strengthening its market presence. SuperMetalPrice will continue to follow Almonty’s progression.
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