Almonty Secures 75% Stake in Rwanda Tungsten JV with Government — Almonty Industries Inc.

Event summary

Almonty Industries holds 75% stake in Almonty Rwanda, with the Government of Rwanda owning 25% in exchange for the Shyorongi tungsten exploration concession and a mineral processing license.
The joint venture will acquire ore, pre-concentrate, and panning tailings from Rwandan mining license holders, including small-scale operators, for export until a processing plant is built.
Almonty Rwanda plans to use a mobile processing unit to process tailings from existing mine operators temporarily.
The partnership aligns with the 2025 U.S.-Rwanda Framework for Shared Economic Prosperity and the Washington Accords for Peace and Prosperity.
The agreement is the first step toward a broader investment and development framework with the Government of Rwanda.

The big picture

This partnership positions Almonty to tap into Rwanda’s existing tungsten production while exploring new deposits, aligning with broader U.S. efforts to secure critical mineral supply chains. The deal underscores the growing importance of tungsten in defense and advanced technology sectors, particularly as China tightens export restrictions. The strategic collaboration with the Rwandan government also highlights the increasing role of state partnerships in securing critical mineral supplies.

What we're watching

Supply Chain Integration: How Almonty will integrate Rwanda’s existing tungsten production into its global supply chain, particularly in light of upcoming U.S. defense procurement rules effective January 2027.
Execution Risk: Whether Almonty can sustain the pace of material acquisition and processing while constructing a centralized collection and processing plant in Rwanda.
Geopolitical Alignment: The extent to which this partnership strengthens Western-aligned tungsten supply chains amid rising geopolitical tensions.