Almonty–Global Tungsten offtake extension: supply and pricing lens for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Almonty Industries has extended its offtake agreement with Global Tungsten & Powders for concentrate from the Sangdong mine in South Korea from 15 to 21 years, lifting total contracted volume by 40% from 3,150,000 to 4,410,000 metric tonne units and locking in a 6.3% price uplift per MTU. The deal secures minimum deliveries of 210,000 MTU per year after ramp-up, covering about 90% of Phase I mine output and supplying GTP’s US facilities. With Chinese export curbs driving record tungsten prices, the contract provides long-duration, conflict-free feedstock into Western defence and industrial powder supply chains.
Technical Brief
- Agreement term now runs 21 years from first delivery, extending contracted supply into the late‑2040s.
- Total contracted tungsten concentrate rises to 4,410,000 MTU, up 1,260,000 MTU from the prior deal.
- Contracted volumes relate solely to Phase I Sangdong production, leaving later phases uncommitted for future marketing.
- Almonty expects the 6.3% price uplift to apply to every MTU delivered over the full 21‑year term.
- Conflict‑free origin from South Korea positions Sangdong concentrate as non‑Chinese feedstock for Western defence powder production.
- For other tungsten developers, such long‑dated offtake visibility can materially support reserve valuation and debt structuring.
Our Take
The 21‑year offtake horizon for Sangdong tungsten concentrate lines up with Almonty Industries’ recent US$700 million convertible notes issue, suggesting lenders now have clearer long-term revenue visibility backing that capex-heavy build-out.
With Sangdong in South Korea and a planned Australia gallium plant that could supply up to 10% of global gallium, Almonty is positioning non‑Chinese tungsten and gallium streams that will appeal to US and Japanese buyers seeking to diversify away from China for critical minerals.
Alcoa’s appearance alongside Almonty and gallium in Morgan Stanley’s ‘Space 60’ coverage underlines that both aluminium and tungsten/gallium supply chains are being framed as strategic inputs for aerospace and space hardware, which may support premium pricing for long-term offtake like this GTP deal.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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