Mentioned:
The Nasdaq officially has a new tungsten company. And they’re aiming to build out a domestic tungsten supply chain for the American military.
What’s happening:
- Almonty Industries (NASDAQ: ALM) has officially raised $90M USD in a public offering and began trading on the Nasdaq
Why it matters:
- Almonty Industries owns the Sangdong Tungsten Mine located in South Korea, which is one of the single largest deposits of high grade tungsten outside of China
Going deeper:
- Almonty Industries has publicly stated they plan to use the new capital to build out a large scale tungsten production facility in South Korea, which will be capable of producing more than 4,000 tonnes of tungsten oxide annually
- Defense contractors in the United States have also started to cut deals with Almonty Industries for tungsten supply, including a notable deal with Tungsten Parts Wyoming in which Almonty Industries will supply them with 40 tonnes of tungsten each month to be used in missiles, drones and ordnance systems for the American military
The intrigue:
- Tungsten has come into major focus in geopolitics lately, which has been largely fuelled by the Chinese government restricting all tungsten exports globally
