- Almonty Industries (TSX:AII), a global tungsten producer, formed a strategic partnership with American Defense International, a top government relations and business development firm in Washington, D.C.
- The company intends to leverage its new partner’s government and business network to establish itself as a trusted U.S. tungsten and molybdenum supplier
- Almonty is focused on mining, processing and shipping tungsten concentrate
- Almonty stock is up by 23.90 per cent on the news trading at C$1.97 per share
Almonty Industries (TSX:AII), a global tungsten producer, formed a strategic partnership with American Defense International, a top government relations and business development firm in Washington, D.C.
American Defense International brings a proven history of helping companies build government relationships, expedite development and deliver on global expansion. The firm, founded in 1995, represents over 100 organizations across 11 countries, including Elon Musk’s SpaceX, and is staffed by a team of former senior government officials, military officers and congressional aides.
According to Tuesday’s news release, Almonty believes the partnership will be “instrumental in further positioning [the company] within the growing demand for secure and sustainable tungsten and molybdenum supply chains to supply the needs of the U.S. defense and technology sectors.”
The news follows Almonty’s ongoing redomiciling to the United States announced in January.
Leadership insights
“We are thrilled to announce our partnership with American Defense International, which will help position Almonty as a leading allied supplier of tungsten and molybdenum for American interests,” Lewis Black, Almonty Industries’ president and chief executive officer, said in a statement. “As we move to finalize our redomiciling to the United States, ADI’s expertise and relationships, forged through working with industry-leaders such as SpaceX, will position us to strengthen relationships with key stakeholders in a rapidly evolving global landscape. We look forward to working closely with their team in the months and years to come as we strive to create sustainable, long-term value for my fellow shareholders.”
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 and the Valtreixal tin and tungsten project in Spain.
Almonty stock (TSX:AII) is up by 23.90 per cent on the news trading at C$1.97 per share as of 9:54 am ET. The stock has added 239.66 per cent year-over-year and 392.50 per cent since 2020.
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(Top image: Almonty Industries)
