Almonty Industries (ALM) said Monday that it has completed the initial commissioning phase at the Sangdong Tungsten Mine in South Korea to resume production after over 30 years.

The newly active processing facility is equipped to handle 640,000 tonnes of ore annually to produce 2,300 tonnes of tungsten concentrate, the company said.

A planned second expansion phase expected to launch next year is designed to double annual processing capacity to 4,600 tonnes, Almonty said.

Shares of Almonty were up more than 5% in recent Monday premarket activity.