Almonty Industries to Acquire Tungsten Project in Montana, Expanding Its North American Footprint

Canadian mining company Almonty Industries Inc. announced plans to acquire a tungsten project in Montana, United States, as part of its strategy to strengthen its presence in the North American critical minerals sector. The acquisition aims to enhance the company’s supply capabilities amid growing global demand for tungsten, a metal vital to defence, electronics, and clean energy technologies.

In a statement, Almonty said the deal would provide it with a strategically located asset near existing infrastructure and strong logistics support. The Montana project is believed to contain high-grade tungsten reserves, making it a key addition to Almonty’s growing portfolio, which includes operations in Portugal, South Korea, and Spain.

“Our acquisition of this Montana project marks a significant step toward building a vertically integrated tungsten supply chain in the West,” said Lewis Black, CEO of Almonty Industries. “As geopolitical tensions and supply chain risks continue to rise, it’s vital that North America secures access to critical minerals like tungsten.”

Strengthening Western Tungsten Supply

Tungsten, known for its high melting point and strength, is used in aerospace components, defence applications, and electric vehicle batteries. The U.S. currently imports most of its tungsten from China, which dominates global supply. This acquisition aligns with U.S. and Canadian efforts to diversify critical mineral sources and reduce dependence on single markets.

Almonty’s decision comes amid growing Western policy focus on critical mineral independence. The Montana project, once developed, could help reinvigorate U.S. tungsten mining, which has seen limited domestic output in recent decades.

Financial and Development Outlook

While financial terms of the deal were not disclosed, Almonty confirmed that due diligence and environmental assessments are underway. The company plans to begin feasibility studies in early 2026, with production expected to commence within three years of final approval.

“The Montana project has strong geological potential and fits perfectly with our long-term expansion vision,” Black added. “We’re committed to developing sustainable and environmentally responsible operations that meet both economic and strategic needs.”

A Step Toward Global Leadership

The acquisition further solidifies Almonty’s position as one of the world’s leading tungsten producers, complementing its flagship Sangdong Mine in South Korea—set to be the largest tungsten mine outside China.

Industry analysts view the move as a strategic diversification that could benefit both North American and European supply chains. “This deal positions Almonty as a critical player in reshaping tungsten availability in Western markets,” said Thomas Grant, a mining sector analyst with Resource Capital Partners.

With increasing emphasis on critical mineral resilience, Almonty’s expansion into Montana could play a pivotal role in supporting the energy transition and advanced manufacturing industries in the years ahead.