We recently published 10 Stocks With Effortless Double-, Triple-Digit Gains. Almonty Industries Inc. (NASDAQ:ALM) was one of the top performers last week.
Almonty Industries grew its share prices by 28.25 percent week-on-week, hitting a new all-time high, as investors took heart from the company’s highly optimistic outlook for its tungsten business amid a limited global supply of the said metal.
In a letter to investors, Almonty Industries Inc. (NASDAQ:ALM) Chairman, President, and CEO Lewis Black announced that the company is planning to advance the Sangdong tungsten mine in South Korea toward full-scale phase 1 commercial operations, to be followed by a phase 2 expansion in 2027.
Photo from Almonty Industries website
Upon completion, Almonty Industries Inc. (NASDAQ:ALM) expects the site to produce 460,000 MTU annually.
The Sangdong mine is expected to be one of the largest and longest-life tungsten mine sites outside of China, positioning the company as a cornerstone supplier to Western markets.
“We have secured binding hard floor offtake agreements, including long-term commitments to supply tungsten oxide for US defense applications, providing future revenue visibility and validating the strategic value of our production,” Lewis said.
Almonty Industries Inc. (NASDAQ:ALM) acquired the Sangdong mine when the US halted its mining operations in 2015. Since then, it has been working on bringing the site back into production.
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Disclosure: None. This article is originally published at Insider Monkey.
