- Almonty Industries (TSX:AII), a leading global tungsten producer, has clarified for the market that its operations are not affected by US President Trump’s executive order on reciprocal tariffs
- The company expects to represent 7 per cent of global tungsten supply and over 40 per cent of supply outside of China by 2027
- Almonty is focused on mining, processing and shipping tungsten concentrate across its global portfolio
- Almonty stock has added 237.70 per cent year-over-year and 456.76 per cent since 2020
Almonty Industries (TSX:AII), a leading global tungsten producer, has clarified for the market that its operations are not affected by US President Trump’s executive order on reciprocal tariffs.
The order, released on April 2, 2025, imposes tariffs on all US trade partners, with harsher measures reserved for those carrying the largest trade deficit with the economic superpower.
According to management’s review of the order’s Annex I and Annex II, Almonty’s tungsten products and related materials, classified under HTS codes 2611.00.30, 2611.00.60 and 2825.90.30, are not subject to Trump’s reciprocal tariffs, ensuring stable trade and a more resilient US supply chain supported by the company’s recent partnership with American Defense and its ongoing relocation to the US.
Tungsten is a metal critical to the defense, manufacturing, clean energy technology and high-performance electronics industries, granting it a multi-billion-dollar market expected to grow over the long term.
That said, China and allied states’ control of over 85 per cent of global tungsten production puts the supply chain at risk. This opens the door for players like Almonty – which plans to deliver 7 per cent of global supply and over 40 per cent of supply outside of China by 2027 – to capitalize on demand for conflict-free tungsten.
Leadership insights
“We are thrilled with this confirmation, which reinforces Almonty’s position as a key player in the global tungsten supply chain. The explicit exclusion of our products from the new tariff measures highlights the strategic importance of tungsten in supporting the national security, industrial independence and resilient supply chains of American industry,” Lewis Black, Almonty’s president and chief executive officer, said in a statement. “Almonty has been a consistent supplier of tungsten materials to the United States for many years, and we are proud to hold a long-term offtake agreement with Global Tungsten & Powders, a leading US processor headquartered in Pennsylvania. This relationship further solidifies our role in strengthening domestic supply chains at a time when reducing dependence on Chinese-sourced critical minerals has become a top priority for Western governments.”
“As we advance our fully integrated mine-to-processing operations, Almonty is on track to become one of the most important vertically integrated tungsten producers in the Western world, positioned to supply a significant portion of non-China sourced tungsten,” Black added. “We remain fully committed to supporting allied economies in securing long-term, stable access to this essential critical mineral and look forward to deepening our partnerships across the defense, semiconductor and high-tech manufacturing sectors.”
About Almonty Industries
Almonty is focused on mining, processing and shipping tungsten concentrate from its Los Santos mine in Spain and its Panasqueira mine in Portugal. The company is also developing its Sangdong tungsten mine in South Korea, one of the largest tungsten resources in the world, as well as its Valtreixal tin and tungsten project in Spain.
Almonty stock (TSX:AII) is down by 6.79 per cent trading at C$2.06 per share as of 11:17 am ET. The stock has added 237.70 per cent year-over-year and 456.76 per cent since 2020.
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(Top image: Almonty Industries)
