en.Wedoany.com Reported - Almonty Industries announced that it has signed an amendment to its long-term offtake agreement with Global Tungsten & Powders (GTP), a subsidiary of Austria's Plansee Group, concerning tungsten concentrate from the first phase of the company's Sangdong mine in South Korea.

Under the amended agreement, the contract term has been extended by six years, and the total contract volume has increased by 40% to 4.41 million metric ton units. Additionally, the payable pricing for all of Almonty's contract volumes has been raised by approximately 6.3%. Based on current price estimates, this is expected to increase annual contract revenue by at least $30 million.

Lewis Black, Chairman, President, and CEO of Almonty Industries, stated that GTP and the Plansee Group have supported the Sangdong mine since 2018. This amendment not only reflects the stability of the partnership but also underscores the value of the Sangdong mine's conflict-free tungsten in the current market. The extension of the agreement to 21 years highlights the long-term nature of the project; the 40% increase in contract volume and the anticipated 6.3% rise in annual revenue provide Almonty with a level of contract revenue visibility that is difficult for other producers in the industry to match.

The agreement covers approximately 90% of the tungsten concentrate output from the first phase of the Sangdong mine. This amendment was made following the announcement on July 1 that the mine's processing plant had commenced feed operations, and the mine is now progressing toward full production capacity for the first phase. Almonty noted that the amendment pertains only to the first phase of Sangdong production and is therefore expected to represent only a portion of the company's total output and potential revenue.

Headquartered in Towanda, Pennsylvania, GTP is one of the largest tungsten powder producers in the West and a key supplier to the U.S. defense and industrial supply chain.