Toronto-based Almonty Industries has agreed to acquire a tungsten project in Montana and intends to transform it into the first US mine in ten years to produce tungsten, a metal essential for weapons and semiconductors.
The tungsten project, previously managed by Union Carbide, will be purchased using a combination of stock and cash, reported Bloomberg.
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Upon securing an extraction permit, Almonty could potentially resume mining operations as early as late next year, utilising refurbished equipment sourced from its Spanish facilities.
The necessary water rights and infrastructure are already established.
Almonty is participating in efforts to lessen the US’ dependency on China for the super-dense niche metal used in armour-piercing munitions, part of a larger push towards achieving independence in critical minerals.
US President Donald Trump has excluded tungsten from country-specific tariffs as the country halted commercial production of the metal ten years ago due to declining prices, leading to dependency on imports and recycling to meet its tungsten needs.
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By GlobalDataAlmonty CEO Lewis Black stated that the company is also holding supply discussions with the Department of Defence.
The company’s strategic move to acquire the Montana tungsten project complements its international portfolio, which includes imminent production at a major project in South Korea and an operational mine in Portugal.
Tungsten concentrate from the Montana site could be supplied to companies such as Global Tungsten & Powders, Kennametal and Buffalo Tungsten for further processing into powders, and then into carbides and other tungsten related alloys.
Almonty’s engagement with US agencies extends beyond asset acquisition. For several months, it has been in talks with the likes of the Defence Advanced Research Projects Agency, Black added.
Additionally, Almonty is not seeking direct funding or bringing in the Pentagon as a shareholder but instead proposes that the state purchases tungsten at transparent and market-based prices.
Amid trade tensions that have heightened concerns over tungsten supply, Almonty’s shares surged by more than 600% during the previous year.
In January 2025, Almonty announced an exclusive offtake agreement with SeAH Group to supply the entire production of molybdenum from Almonty’s Sangdong Molybdenum Project in South Korea.
