Almonty Industries secures tungsten off-take in Spain and launches Rwanda joint venture

Almonty Industries is expanding its tungsten operations through a dual strategy of monetizing existing resources in Europe and developing new reserves in Africa.

In Spain, the company has secured a long-term agreement to reprocess tailings at the Los Santos mine. The contract includes a minimum purchase quantity of approximately 1,720 tonnes of contained tungsten trioxide and involves a conditional one-time payment of $3.0 million to Almonty for the granting of off-take rights. This approach allows the company to generate revenue from existing infrastructure without the need for new mining facilities.

Simultaneously, Almonty is establishing a presence in Africa through a joint venture, Almonty Rwanda Pty Ltd. The company holds a 75 percent stake in the venture, while the government of Rwanda holds the remaining 25 percent. The Rwandan government has contributed the Shyorongi exploration concession and a mineral processing license to the partnership. This move aims to extend Almonty’s value chain from exploration to mineral processing on the African continent.