Almonty Industries (ALM) Rallies 6.6% as Firm Nears Commercial Ops in Korea Mine

We recently published 10 Firms Stealing the Show on Wall Street. Almonty Industries Inc. (NASDAQ:ALM) is one of the best performers on Thursday.

Almonty Industries jumped by 6.64 percent on Thursday to close at $8.35 apiece as investors loaded portfolios ahead of the looming start of commercial operations of its mine site in South Korea.

In a statement earlier this week, Almonty Industries Inc. (NASDAQ:ALM) said that it has successfully delivered the first truckload of ore to the Run-of-Mine pad at the Sangdong Tungsten Mine, which is the final step before the official start of commercial operations.

Almonty Industries (ALM) Rallies 6.6% as Firm Nears Commercial Ops in Korea Mine

“This first ore placement represents a strategic inflection point in advancing Almonty’s mission to strengthen the global tungsten supply chain. Sangdong plays a critical role in efforts by the United States, the European Union, and Korea to diversify away from the China-dominated market, which currently supplies more than 80% of the world’s tungsten,” Almonty Industries Inc. (NASDAQ:ALM) President and CEO Lewis Black said.

“The resumption of production at the Sangdong Mine forms the foundation for securing reliable, non-China tungsten supply to key sectors such as defense, semiconductors, AI hardware, aerospace, and other high-technology industries,” he added.

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.

According to Processing Operations General Manager Arif Priyambodo, the company has completed all key preparatory works, such as geological assessment, ground stabilization, load testing, and equipment installation, to advance the project.

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Disclosure: None. This article is originally published at Insider Monkey.