Almonty Industries (ASX:AII) Chairman and Chief Executive Officer Lewis Black said in a letter to shareholders that the firm is well-positioned to supply tungsten around the world after China restricted exports, as well as barred dual-use exports, and the US banned tungsten imports from China for defense procurement beginning in 2027, according to a Wednesday Australian bourse filing.

China currently produces over 80% of tungsten globally. The price of tungsten jumped over 160% in 2025 after the implementation of Chinese export controls and surging demand.

The firm plans to progress its Sangdong tungsten mine in South Korea to full-scale commercial operation of the first phase in 2026, and then commence the planned second phase expansion, which is expected to be completed in 2027 with a capacity to increase up to 1.2 million tons per annum.

The firm's shares jumped 12% in recent trade on Wednesday.