Almonty Industries (NASDAQ:ALM) has partnered with the Government of Rwanda to source and process tungsten from the African nation, as part of a broader Western push to secure supplies of the strategic metal outside China.
Under a binding agreement announced on Monday, the tungsten miner based in Montana, US, will receive exploration and processing licences in Rwanda. In exchange, the Rwandan government will receive a 25% interest in Almonty’s local subsidiary.
During the initial stage of the partnership, Almonty will work with the government to acquire ore, pre-concentrate, and panning tailings from local miners, including small-scale licence holders.
The material can initially be sold, upgraded, or exported while the partners work towards establishing a permanent collection and processing facility in Rwanda.
The venture also plans to deploy a mobile processing unit near existing tailings dams and explore the 32km² Shyorongi concession contributed by the Rwandan government.
‘Immediate’ tungsten opportunity
Unlike a conventional greenfield exploration project, Almonty says the partnership is structured to take advantage of material already being produced by Rwanda’s mining industry.
Chairman and CEO Lewis Black says the most immediate opportunity lies in the material already being produced.
“Rwanda’s small-scale license holders are producing ore, pre-concentrate and panning tailings today, and this agreement allows us to collect, upgrade and export that material while we build out the collection and processing plant,” Black says.
Further development will be subject to Almonty and the Government of Rwanda reaching a binding investment and development agreement.
US looks beyond China
According to Almonty, the partnership forms part of the US–Rwanda Framework for Shared Economic Prosperity signed in late 2025, with the US Department of State helping to broker and structure the agreement.
The deal comes amid growing efforts by the US and its allies to secure supplies of critical minerals outside China, which dominates global tungsten production and processing.
Rwanda is the only African country among the world’s 10 largest tungsten producers, making it a potential source of supply as Western economies seek greater diversification.
“We are combining that existing production base with modern processing, traceability, and our own exploration program, with the Government of Rwanda participating alongside us as an equity partner,” Black says.
Government partnerships
Almonty says government partnerships are already a feature of its portfolio, pointing to the development of its flagship Sangdong tungsten mine in South Korea.
“This is part of our ongoing strategy to find shorter-term solutions to the widening supply deficit in the West,” Black says.
“That program is being undertaken at the request of the Western tungsten industrial base, and we are pursuing several avenues. This is the first of them,” he adds, referring to the Rwandan partnership.
Almonty describes itself as a supplier of conflict-free tungsten. Alongside ramping up its South Korean operation, the company has operations in Portugal and additional projects in Spain and the US.
Write to Jackson Chen at Mining.com.au
Image: Almonty Industries
