Almonty Industries Inc. has entered into a binding agreement with the Government of Rwanda to establish a joint venture, granting the state a 25% interest in Almonty Rwanda Pty Ltd in exchange for the 32-square-kilometer Shyorongi tungsten exploration concession and a mineral processing license. Almonty retains a 75% stake.

The agreement allows Almonty Rwanda to acquire, upgrade, and export ore, pre-concentrate, and panning tailings sourced from local Rwandan mining license holders. This setup provides immediate access to production ahead of the planned construction of a centralized processing plant.

To support near-term output, Almonty Rwanda intends to acquire a mobile tailings processing unit to operate temporarily near existing tailings dams and advance exploration across the Shyorongi block in Rulindo District. Both parties also contemplate entering into a subsequent binding investment and development agreement for the permanent facility.

“The most immediate opportunity here is the material that is 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,” said Lewis Black, Chairman, President and Chief Executive Officer of Almonty. “This is part of our ongoing strategy to find shorter-term solutions to the widening supply deficit in the West. 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.”

The partnership follows an introduction by the United States Department of State and aligns with the 2025 U.S.-Rwanda Framework for Shared Economic Prosperity and the Washington Accords. Rwanda is the only African nation among the world's ten largest tungsten producers.

“Rwanda is pleased to welcome Almonty as a strategic partner in the development of our tungsten industry. This investment will help to transform our mining sector by introducing world-class processing infrastructure, international standards for environmental and social governance, and a comprehensive training program to develop Rwandan talent,” said Alice Uwase, Chief Executive Officer of the Rwanda Mining Board. “The partnership advances our vision of building a modern, sustainable mining industry that creates lasting value for the people of Rwanda.”

The initiative supports Almonty's strategy of building a secure, Western-aligned tungsten supply chain ahead of upcoming changes to United States defense procurement rules in 2027.

Read the full announcement: Almonty and the Government of Rwanda Form Strategic Tungsten Partnership