U.S. miner teams with Rwanda to rebuild tungsten supply chain beyond China

The deal and who is involved

Almonty Industries Inc., headquartered in Dillon, Montana, signed a binding agreement with Rwanda that gives the government a 25% stake in a local Almonty subsidiary in return for a processing license and an exploration concession. Almonty retains the remaining ownership. CEO Lewis Black said Washington helped shape the partnership and provided political backing, but offered no funding. "Traders can play with the pirates," he said. "We're only interested in licensed domestic output."

The company portrays itself as a turnaround-focused investor and operator dedicated to conflict-free tungsten, collaborating with several governments. Beyond Rwanda, the company is commissioning a large mine in South Korea, runs operations in Portugal, and is pursuing further projects in Spain and the U.S. The Rwanda venture is intended to modernize and expand the country's industry while deepening trade links and enduring mineral-supply relationships between Rwanda and the U.S.

How the partners will supply tungsten quickly

To accelerate timelines without sinking a new pit, the partners will buy ore, pre-concentrate it, and reclaim tailings sourced from Rwandan operations that hold current licenses, with participation from small-scale miners. That feedstock can be sold, upgraded or exported as the partners progress toward establishing a permanent hub for collection and processing in Rwanda.

In Rwanda, the partners intend to deploy a mobile plant near current tailings dams and commence work on the approximately 32 square kilometer (12 square mile) Shyorongi exploration area. This setup provides Almonty with nearer-term access to tungsten while it develops a broader homegrown processing and production platform, and Black sees it as a model for other countries with small-scale tungsten sectors.

Global context, prices and Rwanda's role

China dominates both mine output and processing of tungsten, while the U.S. produces zero. The surge accelerated earlier this year as buyers ran down inventories and Middle East conflict heightened focus on military demand, before steadying in recent months.

High prices alone likely will not solve the shortage. The Oregon Group points to financing, permitting and construction barriers, making government support and long-term offtake agreements more important. Also on Monday, the Pentagon pledged $450 million to Elmet Group to boost U.S. manufacturing and to back investments in tungsten mining and processing.

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Among the world's top 10 tungsten producers, Rwanda stands alone as the sole African country, giving it outsized relevance for diversification. Trinity Metals Ltd., operator of Rwanda's large-scale Nyakabingo mine, said in June that over 320 tons of high-grade concentrate had shipped to a Pennsylvania processing facility since an offtake deal last year, covering as much as 20% of U.S. primary tungsten concentrate consumption.

For years, Rwanda has been accused of allowing tungsten originating in the Democratic Republic of Congo and Burundi to be filtered through its supply network and shipped abroad under a Rwandan label. Black characterized the initiative as a short-term bridge, acknowledging the long timelines for mine development, while also serving to formalize local output and strengthen traceability.

What it means for your money

This metal sits at the intersection of chips and munitions, so policy moves and geopolitics can swing prices hard. By 10:30 a.m. in New York on Monday, Almonty shares were down 1.9%, trimming their year-to-date gain to 72%. Partnerships that channel small-scale output into verified, traceable supply could reduce shocks and make costs less beholden to Beijing's rulebook.

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