Almonty Industries Inc. (TSX: AII, ASX: AII, OTCQX: ALMTF, Frankfurt: ALI) has landed on Washington’s radar, receiving formal recognition from the U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party for its growing role in the critical minerals supply chain. The move comes as the U.S. government looks to shore up domestic access to minerals essential for defense and high-tech manufacturing, with tungsten at the top of the list.
The letter from the Committee, signed by both the Chairman and Ranking Member, highlights Almonty’s Sangdong Mine in South Korea. This site is on track to become the largest tungsten producer outside China, a significant development given that China currently dominates the global tungsten market. The Committee also acknowledged Almonty’s plan to redomicile to the United States, which would make it the only U.S.-based company producing tungsten concentrates at commercial scale.
This isn’t just a pat on the back. The Committee’s outreach signals a desire for deeper collaboration, particularly in integrating Almonty’s supply chain with American defense contractors and possibly adding tungsten to the National Defense Stockpile. Almonty has already responded to all questions from the Committee, further cementing its relationship with U.S. policymakers.
Tungsten is a critical mineral for the U.S., used in everything from munitions to aerospace components and other high-performance defense applications. Since 2015, there has been no commercial tungsten production in the United States, leaving the country reliant on imports, mostly from China. Almonty’s entry into the market could change that dynamic, providing a new, allied source for a mineral that’s essential to national security.
Almonty’s Sangdong Mine isn’t just another mining project. It’s one of the few long-life, high-grade tungsten deposits outside China, and it also has significant upside potential from an underlying molybdenum deposit. The company is nearing completion of its processing facilities at Sangdong, with first production targeted for 2025. If all goes to plan, Almonty will soon be shipping tungsten concentrate from South Korea to markets around the world, including the United States.
Lewis Black, Almonty’s President and CEO, sees the Congressional recognition as validation of the company’s strategy. “This recognition from U.S. congressional leaders affirms that Almonty’s Sangdong project is far more than a commercial endeavor, it is strategic infrastructure vital to the security and resilience of U.S. and allied supply chains,” Black said. He added that the company aims to be a trusted partner in reshoring and friend-shoring critical mineral capacity at a time when geopolitical pressures demand greater transparency and reliability.
Almonty isn’t new to the tungsten business. The company already operates the Panasqueira mine in Portugal, shipping tungsten concentrate globally. In addition to Sangdong, Almonty is developing the Valtreixal tin/tungsten project and the Los Santos Mine, both in Spain. This diversified portfolio gives Almonty a unique position in the global tungsten market, especially as Western governments look to reduce dependence on Chinese supply chains.
With Congressional interest and a clear path to becoming the only U.S.-based commercial producer of tungsten concentrates, Almonty is positioned to play a central role in the evolving critical minerals landscape. The company’s progress at Sangdong and its broader portfolio could make it a key player as the U.S. and its allies look to secure the raw materials needed for both economic and national security.
