Almonty Industries Starts Production at Sangdong Tungsten Mine

Almonty Industries has transitioned its flagship Sangdong mine in South Korea from the construction phase to active production. The company scheduled its first commercial shipment of tungsten concentrates for October 24, 2026. This shift moves the firm from capital-intensive infrastructure development toward operational output and revenue generation.

"Execution, not promotion, will determine how the market values the stock," said Lewis Black, Chief Executive of Almonty Industries, during the 20th International Investment Forum.

Market Dynamics and Price Trends

The transition to production occurs during a period of price volatility for tungsten, a mineral used in high-strength steel, electronics, and aerospace components. The average price for Ammonium Paratungstate (APT), the primary globally traded form of tungsten, currently sits at $2,700 per metric ton unit. This represents a decline from recent peaks of $3,050, yet it remains higher than the $1,000 average observed two to three years ago.

As of October 13, 2026, Almonty Industries (ALM) stock is trading at $11.03. The company's ability to maintain margins depends on the spread between extraction costs at the Sangdong site and these prevailing global commodity prices.

Strategic Focus on Output

The Sangdong mine is historically significant, as it was recognized as one of the world's largest tungsten producers before its closure in the 1990s. Almonty’s efforts to restart the mine involved a multi-year project aimed at securing a non-Chinese supply of the metal for Western industrial markets.

By moving into the ramp-up phase, the company aims to demonstrate that its development of the site can yield consistent, high-grade output. The upcoming October shipment serves as the first test of the mine’s processing infrastructure and supply chain logistics under active production conditions. For stakeholders, the focus now shifts to whether the firm can achieve its production targets and manage the operational risks of scaling up a legacy mining asset.