Almonty Industries begins tungsten production at Sangdong mine

Almonty Industries has transitioned from a mining developer to a producer following the commencement of active operations at its Sangdong mine in South Korea. The company reported a significant revenue increase for the second quarter of 2026, rising from $7.2 million to $43 million.

As part of this operational shift, Almonty has fully repaid its project loan from KfW IPEX-Bank, eliminating construction debt for the first stage of the Sangdong mine. This repayment was supported by a strengthened liquidity position, with cash reserves reaching 1.23 billion Canadian dollars as of June 30, 2026.

The company is currently benefiting from a substantial surge in global tungsten prices. The average European price for Ammonium Paratungstate (APT) rose to $3,075 per MTU in Q2 2026, compared to $453 per MTU in the same quarter of 2025. Almonty plans to expand the Sangdong mine's capacity from 640,000 tons of ore per year in Phase 1 to 1.2 million tons in Phase 2.