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Almonty extends tungsten offtake deal for Sangdong concentrate
The amendment adds six years, boosts contracted volumes by 40%, and raises expected revenue per metric tonne unit delivered by 6.3% over the agreement term.
Almonty Industries has extended a long-term offtake agreement with Global Tungsten & Powders, covering tungsten concentrate produced from its Sangdong mine in South Korea. The deal term is now set to run 21 years from the date of first delivery, extending contracted deliveries into the late 2040s.
The company said the extension increases total contracted volumes by 40%, from 3,150,000 to 4,410,000 metric tonne units of tungsten concentrate. It also sets minimum contracted volumes of 210,000 MTU per year after ramp-up, with the amendment covering about 90% of Phase I concentrate production from Sangdong.
Almonty described Global Tungsten & Powders as a major Western supplier of tungsten powders, including inputs used in U.S. defense and industrial supply chains. The company linked the agreement extension to current market conditions for tungsten, citing historically high prices following successive export restrictions imposed by China.
The producer said improved pricing under the amendment is expected to increase revenue by 6.3% on each MTU delivered throughout the agreement, adding what it called greater contracted revenue visibility. Almonty CEO Lewis Black said the Sangdong mine’s conflict-free tungsten is “worth in today’s market” and that extending the contract reflects the project’s long-term value.