Int'l Speculator downgrades Almonty to hold
2021-06-08 21:22 ET - In the News
The International Speculator, in its May 25, 2021, issue, downgrades Almonty Industries Inc. (recently $1.15) to a hold from a buy. The newsletter said buy on Feb. 24, 2021, at 76 cents. Assuming an investment of $1,000, the position is worth $1,498. The writer says there simply are not many tungsten mines on the planet, and that is why it is good to own Almonty Industries, one of the largest emerging suppliers outside China. Recent price action suggests tungsten buyers are getting nervous about China restricting exports. The metal is up about 30 per cent in the last three months, and tungsten buyers are reportedly paying premium prices to get supply outside China. This is great news for Almonty, which owns tungsten operations in Spain and Portugal. Almonty is making good progress advancing its flagship South Korean mine, having announced several key construction milestones on April 26. European conglomerate Plansee Group bought $11-million of Almonty's stock in late April at $1.06 a share. The writer speculates that investors should see steady gains as Almonty proceeds toward production. He adds there is also potential for a sudden surge higher if China disrupts the tungsten market as part of a trade war.
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