# Almonty surges after extending supply deal for Korean tungsten mine The company's shares rose following the announcement of the agreement. - **Source:** [Breaking News on Seeking Alpha](https://brifing.si/source/9a596115-e1cc-45e7-b5ba-070be9ea2998) - **Published:** 2026-07-14 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/33c45765-9a27-47cb-b081-e84dd6d9abd8 ## Almonty's shares on the rise Almonty Industries announced the extension of its long-term supply agreement for the Sangdong tungsten mine in South Korea. Following this news, the company's shares rose by 5.7%. ## Tungsten supply agreement Almonty secured the supply of tungsten concentrate from the first phase of the Sangdong mine by extending its offtake agreement with Global Tungsten Powders. ## Collaboration with Global Tungsten Powders Global Tungsten Powders is a member of Austria's Plansee group. This agreement with Almonty strengthens a long-term partnership in tungsten supply. ## Importance of the Sangdong mine The Sangdong mine is one of the world's largest tungsten resources. This mine enhances Almonty's position in the global tungsten market. ## Industrial use of tungsten Tungsten is a critical raw material in sectors such as defense, automotive, and electronics due to its high-temperature resistance and hardness. ## Almonty's strategic move This agreement reinforces Almonty's leadership in the tungsten market while supporting the company's future growth and stability. ## Sources covering this story - https://seekingalpha.com/news/4613683-almonty-surges-after-extending-supply-deal-for-korean-tungsten-mine?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._