We recently published 10 Stocks Crushing Wall Street With Massive Gains. Almonty Industries Inc. (NASDAQ:ALM) was one of the top performers on Tuesday.
Almonty Industries soared to a new all-time high on Tuesday, as investors loaded portfolios in rare earth and mining stocks following news that more than 50 minerals are expected to be included in President Donald Trump’s inventory program.
At intra-day trading, the stock soared to its highest price of $13.60 before paring gains to finish the session just up by 17.97 percent at $13.39 apiece.
In an update on the same day, Trump said that the Project Vault—which aims to bolster domestic rare earth production and reduce reliance on China—would include anything named by the Interior Department as critical. The agency has so far included more than 50 names, which is expected to benefit various mining companies.
A mining operation. Photo by Tom Fisk on Pexels
For its part, Almonty Industries Inc. (NASDAQ:ALM) is underway with the full-scale development of the Sangdong tungsten mine in South Korea as it aims to kick off the first phase of commercial operations, to be followed by a phase 2 expansion in 2027.
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.
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.
