Almonty Industries, a leading global producer of tungsten concentrate, announced it has entered into an amendment to its long-term offtake agreement with Global Tungsten & Powders, a member of Austria’s Plansee Group, covering tungsten concentrate produced from Phase I of the company’s Sangdong Mine in South Korea. The amendment extends the term of the agreement by six years, increases total contracted volumes by 40%, and improves the pricing payable to Almonty on all contracted volumes by approximately 6.3%.
The amendment extends the agreement’s term from 15 to 21 years from the date of first delivery, pushing contracted deliveries into the late 2040s and deepening a supply partnership that began in 2018. Total contracted quantity increases by 40%, from 3,150,000 to 4,410,000 metric tonne units of tungsten concentrate, with minimum contracted volumes of 210,000 metric tonne units per year following ramp-up. The improved pricing is expected to grow annual contract revenue by at least $30 million at current pricing, bringing total annual revenue under the agreement to $490 million over its 21-year term.
The agreement covers approximately 90% of Phase I tungsten concentrate production from the Sangdong Mine and follows the commencement of processing plant throughput operations at Sangdong, announced on July 1, 2026, as the mine ramps toward full Phase I capacity. It does not cover the company’s planned Phase II expansion, which is expected to roughly double the mine’s annual processing capacity, or production from Almonty’s other operations. Global Tungsten & Powders, headquartered in Towanda, Pennsylvania, is one of the largest Western producers of tungsten powders and a key supplier into U.S. defense and industrial supply chains.
Almonty is a leading supplier of conflict-free tungsten, a strategic metal critical to the defense and advanced technology sectors. Its flagship Sangdong Mine in South Korea, historically one of the world’s largest and highest-grade tungsten deposits, is expected to supply a significant share of global non-Chinese tungsten production once it reaches full capacity. The company also has established operations in Portugal and additional projects in Spain and the United States.
KEY QUOTES:
“GTP and the Plansee Group have stood behind the Sangdong Mine since 2018, and this Amendment reflects both the strength of that partnership and what the Sangdong Mine’s conflict-free tungsten is worth in today’s market. Extending the term to 21 years reflects the longevity of this project, increasing contracted volumes by 40% and increasing expected annual revenue by approximately 6.3% gives Almonty a depth of contracted revenue visibility that no producers in our industry can match.”
“Just as important, the improved pricing flows directly through volumes we are already contracted to deliver with at least US$30 million of additional approximate revenue per year at current APT prices expected, or roughly US$630 million over the life of the amended Agreement, precisely as Sangdong ramps toward full production in a tungsten market at historic highs.”
Lewis Black, Chairman, President and Chief Executive Officer of Almonty
