Almonty Industries Inc. agreed to buy a tungsten project in Montana, with plans to quickly turn it into the first US mine in a decade to produce a metal used in weapons and semiconductors.
The Toronto-based company is acquiring the Gentung-Browns Lake project, which was formerly operated by Union Carbide Corp., paying with stock and cash, it said Monday, without identifying the seller. Almonty shares pared declines on the news.
Subject to obtaining an extraction permit, Almonty could restart mining there as soon as late-2026 using reconditioned equipment from its facilities in Spain. Water rights and pipes are already in place.
Almonty is joining the US push to reduce its reliance on China for the super-dense niche metal used in armor-piercing munitions as part of a broader push for critical-mineral independence. President Donald Trump has exempted tungsten from his country-based tariffs given the US…
