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Investing.com - Alliance Global Partners (NYSE:GLP) initiated coverage on Almonty Industries (NASDAQ:ALM) with a Buy rating and a $6.75 price target on Monday. The stock, currently trading at $3.93, has shown remarkable momentum with a 447% return over the past year and a 319% gain year-to-date, according to InvestingPro data.
The research firm views Almonty as a key player in the tungsten market, positioned to become the largest tungsten producer outside of China in the near future.
China currently accounts for approximately 85% of global tungsten supply and recently announced an export ban on the critical mineral, citing national security concerns.
Alliance Global Partners expects Western end-users to seek alternative sources of tungsten, which is considered a key military metal, potentially benefiting Almonty as a primary supplier.
The firm highlighted that Almonty’s Sangdong Mine in South Korea is entering final construction and commissioning stages during the second half of 2025, which could support the company’s transition to becoming a dominant global supplier.
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