Almonty launches up to $300m share buyback programme
Tungsten miner Almonty Industries has approved a new share repurchase programme of up to $300-million.
The programme permits the purchase of up to 14.4-million common shares, or about 5% of Almonty’s outstanding shares as of August 14, over a period of 36 months.
The purchases may be made on the open market through the facilities of the Nasdaq stock market or alternative trading systems at market price.
“The board authorised this programme because we do not believe today’s share price reflects the underlying value of this company or the assets behind it. Almonty controls one of the largest and highest-grade tungsten deposits outside of China at precisely the moment Western governments and defence manufacturers are rebuilding their critical minerals supply chains around non-Chinese sources.
“With Sangdong advancing toward full capacity, we believe our own shares are one of the most attractive investments available to us at current market pricing, and repurchasing them is a direct way to build value for the shareholders who own this business alongside us,” says Almonty CEO, president and chairperson Lewis Black.