Almonty joins Montana mining group, bolsters US tungsten supply

Montana Mining Association holds a board of directors meeting at its headquarters in Helena, March 26. Courtesy of Almonty Korea Tungsten Corp.

Almonty Industries, a global tungsten developer and supplier which operates Sangdong Mine in Korea and others in Portugal and Spain, has joined the Montana Mining Association to bolster its presence in the United States.

Almonty Industries President and CEO Lewis Black / Courtesy of Almonty Korea Tungsten Corp.

According to the group’s Korean subsidiary, Almonty Korea Tungsten Corp. (AKTC), Sunday, the New York-based conglomerate has joined the association to promote its responsible and sustainable mining practices and pledge its future contribution to technological development and regulatory improvement for the mining industry not only in the northwestern U.S. state but throughout the country.

Almonty Industries last November acquired Gentung Tungsten Project in Beaverhead County, Montana, to revive the mine and reignite the U.S. tungsten production for the first time since 2015. AKTC said the mine reserves approximately 7.35 million tons of tungsten ores and will produce 140,000 metric ton units of the earth mineral per year once its redevelopment is complete.

The Montana association, established in 1973 in Helena, has been supporting mining firms in the state since, lubricating the industry by sustaining over 18,400 jobs by 150 member-companies and contributing $7.3 billion economy to the state. The association counteracts to the country’s laws, prompts business-to-business partnerships and promotes the mining industry to the public.

Almonty Industries President and CEO Lewis Black said the conglomerate’s engagement with the Montana association, together with AKTC’s joining of the Korea Mining Industry Association in 2021, represent his intention to cooperate with industry officials, policy makers and stakeholders in both the U.S. and Korea by demonstrating “responsible management” of the group’s global mines.

Almonty currently runs Panasqueira Mine in Portugal and Los Santos Mine in Spain.

Almonty currently bets on bolstering a non-Chinese global tungsten production network to diversify the global supply. The conglomerate last month launched tungsten production in Korea by completing a processing plant for Sangdong Mine in Yeongwol County, Gangwon Province, and retrofitting the mine closed in 1994.

Almonty's tungsten supply for global demands seeking outside China comes amid rising demand for the earth mineral essential for semiconductor, aerospace and defense industries.