Producer
Almonty Industries Inc.
Tungsten miner — Sangdong mine (South Korea) and Panasqueira (Portugal); a flagship ex-China tungsten supply project.
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Sangdong Tungsten Mine (South Korea)
65%Panasqueira Mine (Portugal)
30%Development Assets
5%
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Did you know2020
The tungsten ore that Almonty Industries mines at Panasqueira, Portugal — a mine that has been continuously operating since 1896 and has supplied tungsten through two World Wars, the Korean War, and the Cold War — was explicitly classified as a strategic war material in WWII when Portugal was simultaneously a neutral country and the primary European tungsten supplier to both Allied and Axis powers. Portugal's "tungsten fever" (febre do volfrâmio) during 1942-1944 saw hundreds of primitive wildcat mines operate in the Serra da Estrela region as both Britain and Germany competed for Portuguese wolframite to make armor-piercing ammunition. Almonty's Panasqueira mine today sits on the same geological formation that was militarily contested between Nazi Germany and the Allied powers during WWII. The mine's ore grade, location, and ownership have changed; the strategic dual-use tension between civilian cutting tools and military applications for the same tungsten atom has not.
History Today ↗Concentration2022
Almonty Industries' Sangdong and Panasqueira mines, together with Plansee/Global Tungsten & Powders' processing capacity and small European producers, represent virtually the entire non-Chinese tungsten mine-to-product supply chain available to NATO and allied nations. When the US DoD assessed tungsten criticality after the 2019-2021 supply chain crisis, the actionable ex-China supply was: Sangdong (Almonty, under development), Panasqueira (Almonty), and a small number of Bolivian and Vietnamese mines — none of which can be quickly scaled. The Western tungsten security gap is therefore concentrated in a single small Canadian company's development timeline. If Sangdong's mine restart is delayed by permitting, financing, or technical problems, there is no near-term alternative to Chinese tungsten for the semiconductor PVD sputtering target, military penetrator, and cutting tool supply chains simultaneously.
U.S. Department of Defense ↗Origin2024
Almonty Industries is a small Toronto-headquartered mining company (market cap ~CAD $150-200M) that has assembled one of the world's most strategically significant portfolios of non-Chinese tungsten mines: the Sangdong mine in South Korea (one of the world's largest tungsten deposits, shut in 1992 when cheap Chinese tungsten made it uneconomic) and Panasqueira in Portugal (operating continuously since 1896). The Sangdong restart is explicitly backed by the US Department of Defense under the Defense Production Act Title III, which allows DoD to fund domestic and allied critical mineral production for national security. A junior mining company on the TSX Venture Exchange became a US defense supply chain asset because it holds the permits and development rights to a dormant Korean mine that could provide non-Chinese tungsten for semiconductor fabs, military penetrators, and cutting tool manufacturing. The geopolitical value of Almonty's portfolio exceeds its market capitalization — a rare case where a micro-cap mining company is a NATO critical materials security asset.
Almonty Industries Inc. ↗