Almonty Industries, Boliden, Teck Resources: The Pullback Presents a Major Opportunity

Almonty Industries: Long-Term Contracts and US Strategy Drive Growth

Almonty Industries is among the biggest beneficiaries of the geopolitical realignment of the commodities markets. While many competitors are still in the early stages of developing their projects or have significantly lower capacities, the Canadian company is on the verge of establishing itself as one of the world's leading producers outside of China. Key drivers include the ramp-up of the Sangdong mine in South Korea, the expansion of US operations, and exceptionally high visibility into future revenues.

The company achieved a milestone with the extension of its offtake agreement with Global Tungsten & Powders, a subsidiary of the Austrian Plansee Group. The agreement was extended to a total of 21 years and secures minimum annual offtake volumes of 210,000 MTU of tungsten concentrate. This provides Almonty with contractually guaranteed revenue of just under USD 500 million per year.

Operationally, the focus is primarily on the Sangdong mine. With the second phase of expansion, the project is expected to supply approximately 40% of tungsten outside China as early as next year. The portfolio is complemented by the long-established Panasqueira mine in Portugal and the Gentung Browns Lake project in Montana, whose fully approved processing plant is scheduled to begin production later this year.

Looking ahead, the neighbouring Sangdong molybdenum project with the SeAH Group also opens up further growth potential. Financially, the company is also exceptionally well-positioned. The placement of a five-year convertible senior notes offering worth USD 800 million provides Almonty with sufficient funds for the further expansion of its projects, debt reduction, and potential acquisitions.

At the same time, management is consistently focusing on the most liquid capital markets. Following the announced delisting from the TSX, the company will also be delisted from the ASX as of September 1. In the future, the Nasdaq and the Frankfurt Stock Exchange will be the primary trading venues.

With long-term revenue security, a strong capital base, and multiple production sites, Almonty is in a position that few competitors in the Western tungsten sector currently match. Due to the negative capital market environment, Almonty's stock has corrected by approximately 45% compared to its high in April of this year. In the long term, this consolidation could prove to be an opportunity.

Teck Resources: Strong Jump in Profits

The Canadian commodities company Teck Resources, which focuses on copper and zinc mining, has published its results for the second quarter of 2026 and reported growth in key metrics. Net income rose to CAD 854 million during the reporting period, representing a 314% increase compared to the same quarter last year. Adjusted earnings totaled CAD 948 million. Adjusted operating income rose in parallel by 204% to CAD 2.2 billion.

This financial performance can be attributed to increased copper production and higher prices in the commodities market. Production volume in the copper segment grew by 25% to 135,900 metric tons. At an average price of USD 6.05 per pound, this business segment recorded a gross profit of CAD 1.8 billion. With reported total liquidity of CAD 10.3 billion, the company continues to plan the merger with its competitor Anglo American. Production targets for the full year were confirmed.

In addition to its quarterly results, Teck Resources announced a new agreement to produce critical raw materials at its Trail refinery in British Columbia. Together with the Canada Growth Fund (CGF), an investment project with a total volume of up to CAD 850 million is planned. Under this agreement, the CGF will provide up to CAD 400 million in equity-like financing.

The funds are to be used to expand local processing capacities for antimony, germanium, and gallium. These specialty metals are essential for the production of semiconductors, fibre-optic cables, and security technology applications.

Boliden: Profit Surge in the Second Quarter

The Swedish mining and metals group Boliden AB has also reported its financial results for the second quarter of 2026 and posted a profit surge. Revenue rose to SEK 25.73 billion during this period. Operating profit, adjusted for the revaluation of process inventories, increased to SEK 2.87 billion, up from SEK 1.28 billion in the same quarter of the previous year.

On the other hand, scheduled maintenance work at the smelters had a negative impact, reducing operating profit by SEK 350 million. In addition, production at the Garpenberg mine was significantly lower than the previous quarter's figure of 823,000 metric tons—at 113,000 metric tons of milled ore—due to underground rockfall and seismic activity. The newly acquired Somincor and Zinkgruvan mines, however, ensured a positive business performance.

At the same time, exploratory talks with Nexa Resources are underway. These have been officially confirmed by Nexa. The negotiations center on a potential acquisition of Nexa shares by Boliden. Nexa's portfolio overlaps with Boliden's existing operations. According to the company, the talks are in an early stage.

On the stock market, the news caused a roller-coaster ride. After a pre-market rise, Boliden's share price fell by more than 5% at the start of European trading. The decline is attributable to the reduced annual production forecast for Garpenberg as well as the ongoing uncertainty surrounding the proposed acquisition.

The realignment of global commodity markets is opening up interesting opportunities for investors across several segments. Almonty Industries stands out with long-term revenue security and its rise to become a Western tungsten heavyweight. Teck Resources is benefiting from strong copper demand and is making targeted investments in critical metals. Despite short-term challenges, Boliden is impressing with strong profit growth and strategic expansion plans. All three companies could benefit from the growing importance of strategic commodities.