Almonty Industries (ALM) said Tuesday it has amended an offtake agreement with Global Tungsten & Powders for tungsten concentrate from Phase I of its Sangdong Mine in South Korea.

The amendment extends the contract term to 21 years from 15 years and increases the total contracted volume by 40% to 4.4 million metric tonne units, the company said.

The revised deal also improves the pricing on all contracted volumes by about 6.3% and expands the anticipated annual contract revenue by at least $30 million, it added.

The agreement covers about 90% of Phase I tungsten concentrate production from the mine, the company said. Global Tungsten is a member of Austria's Plansee Group.

Shares were up over 4% in afternoon trading.

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