Why have international media outlets stopped reporting on rare earth elements recently?

The company you mentioned has indeed garnered significant discussion recently within Chinese investment communities (e.g., Xueqiu, Guba). However, much of the information circulating online contains **exaggerations and errors in ticker symbol notation**. In fact, this company is Canada-based **Almonty Industries**. Below is a detailed clarification regarding the company, its stock ticker, actual production capacity, and the viral claims: ### 1. Stock Ticker and Price Surge * **Actual ticker symbol**: It is *not* listed directly on U.S. major exchanges (NYSE/Nasdaq) under the ticker "ALM." Instead, it trades primarily on the Toronto Stock Exchange (TSX) under the symbol **AII** (AII.TO); it also trades on the Australian Securities Exchange (ASX) under the same symbol **AII**. On the U.S. over-the-counter (OTC) market, its ticker is **ALMTF**. The widely circulated "ALM" in Chinese communities is most likely an abbreviation or mispronunciation of ALMTF. * **180% price surge**: This figure is broadly accurate. Amid heightened geopolitical tensions globally, Western countries’ efforts to reduce dependence on China for critical minerals, and recent tungsten prices hitting a decade-high, Almonty’s share price experienced a strong upward trend in the first half of 2024. Its Canadian-listed shares (AII.TO) rose from roughly CAD 0.45 at the start of the year to over CAD 1.30 at their peak—representing a maximum intraperiod gain approaching or even exceeding 180%. ### 2. Does it really hold reserves sufficient to meet global demand for 30 years? **Conclusion: This is a severe exaggeration—a sensationalist headline fabricated by self-media outlets.** * **Reality check**: This rumor stems from Almonty’s ongoing project to restart the **Sangdong Tungsten Mine** in South Korea—a mega-tungsten deposit. * The Sangdong Mine is indeed **one of the world’s largest and highest-grade undeveloped tungsten deposits outside China**, with officially estimated mine life exceeding **90 years**. * However, the claim that it can “meet global demand for 30 years” reflects a fundamental conceptual distortion. Over **80% of global tungsten output originates from China**. Even at full production, the Sangdong Mine aims only to supply a modest portion of *non-Chinese* markets—approximately **30% of global non-China demand**, not global demand as a whole.

"War + Semiconductors" Powerfully Boost Tungsten Prices—Up 557% in One Year

The core drivers behind this rally stem from two converging forces: surging military demand and tightening supply. Escalating Middle East conflict has accelerated inventory drawdowns, prompting buyers to compete aggressively for alternative sources; meanwhile, Western governments are accelerating domestic localization of critical mineral supply chains—further reinforcing market expectations of tungsten scarcity. **Military Demand Ignites the Rally** Tungsten is an ultra-high-density metal widely used in armor-piercing ammunition, missile components, and counterweights for helicopters and fighter jets due to its exceptional penetration capability. Janine Le Roux, a researcher at Project Blue, notes that military-related tungsten consumption is projected to rise by 12% this year across helicopters, fighter aircraft, and munitions. "The Iran war has starkly reminded us how intensely metals are consumed in 21st-century warfare," says BMO’s Heppel. "Thousands of drones—and thousands of intercepting missiles—rely heavily on tungsten." Le Roux points out that persistent conflict in the Middle East has been a key catalyst for the recent acceleration in price gains. As end-user inventories run dry, supply-demand imbalances intensify, sustaining upward pricing pressure. **Supply Shortfall Cannot Be Bridged Quickly** Tungsten is a highly concentrated, niche market. According to Project Blue estimates, the global tungsten market is valued at approximately USD 16 billion this year—only about 5% the size of the copper market. China remains the world’s largest tungsten producer and exporter. Per data from the U.S. Geological Survey, global tungsten mine output last year totaled roughly 85,000 metric tons, with China accounting for a staggering 79%. Lewis Black, CEO of Almonty Industries, states that his company commenced production at a tungsten mine in South Korea last December and is now pursuing development of the first U.S. tungsten mine in a decade. He reveals that U.S. authorities contacted Almonty last month regarding urgent supply needs—and nearly half of the company’s Korean output will be shipped to Pennsylvania for munitions manufacturing. Yet bridging the supply gap cannot happen overnight. David Argyle, Co-Founder of Arlington Innovation Partners—a Washington-based critical materials investment firm—notes that expanding mine capacity in Spain, Brazil, Australia, and the United States will take at least two years to materialize—*provided* investors believe high prices will persist.

Spanish Tungsten Miner Said to Plan London IPO This Year

18 hours ago

Spanish miner Abenojar Tungsten SA plans a London IPO this year to fund its El Moto tungsten mine, aiming to boost European supply security against Chinese dominance. Production is expected to begin in 2029.

bloomberg

2026-09-22

Spanish Tungsten Miner Said to Plan London IPO This Year

Spanish Tungsten Miner Said to Plan London IPO This Year

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