July 28th, 2022 | 05:30 CEST
Almonty Industries CEO Lewis Black on the global dependence on China
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"[...] China's dominance is one of the reasons why we are so heavily involved in the tungsten market. Here, around 85% of production is in Chinese hands. [...]" Dr. Thomas Gutschlag, CEO, Deutsche Rohstoff AG
Born and raised in Hannover, Lower Saxony follows social and economic developments around the globe. As a passionate entrepreneur and columnist he explains and compares the most diverse business models as well as markets for interested stock traders.
How do you assess the global dependence of the technology industry on China and what opportunities does this present for Almonty Industries?
'As China controls roughly 83% of the global tungsten supply, the world has felt much of the ongoing supply chain problems stemming from the country’s dominance in the technology industry. With tungsten being an integral raw material needed in the production of semiconductors, batteries, vibrators in phones, and even the electrical circuit boards for the screens in the phones, other countries, such as the U.S, have been heavily impacted by China’s recovering supply chain, in which demand and prices have increased.
This comes after months of Chinese COVID-related disruptions, however, other tungsten miners outside of China, such as Almonty Industries, are seeing increased opportunities to diversify the supply by laying the groundwork for mines that will give manufacturers an alternative source of tungsten. For example, Almonty recently announced the reopening of its Sangdong Mine in South Korea, which gives hope that the tungsten stockpile will increase globally, breaking away from Chinese dependence.'
Lewis Black, CEO, Almonty Industries Inc.
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