Trump Lifts Tariffs on Tungsten: Implications for Almonty, historical parallels with Nucor and Cameco

In 2024, the import ban on Russian uranium boosted Cameco's share price

In addition to tungsten, uranium will also be exempt from US import tariffs in the future. As early as 2024, interventions in free trade in uranium caused market shifts. After the US banned uranium imports from Russia in May 2024 in the wake of the Ukraine war, large parts of the supply suddenly disappeared. For Cameco, the largest Western uranium producer, the resulting price increase boosted revenue: The Company was able to sign new uranium supply contracts on better terms in 2024. This was also reflected in the figures: In the second quarter of 2025, Cameco's quarterly profit in the uranium segment climbed by a whopping 46% compared to the previous year. Analysts and Cameco CEO Tim Gitzel see a much greater focus on security of supply in today's uranium market, where price used to be the only factor that mattered; buyers now opt for reliability.

Nucor continues to benefit from Washington's protection

The US steel producer Nucor Corporation has also benefited from government intervention in free trade. During Donald Trump's first term as US president, protective tariffs on steel imports into the US led to a significant jump in profits for Nucor. The Company relies on a flexible mini-mill concept instead of expensive blast furnaces, enabling it to ramp up production immediately after the tariffs came into effect in 2018. As a result, Nucor's revenue rose by a whopping 24% to around USD 25 billion in 2018. Profits nearly doubled to USD 2.36 billion. As trade data and company reports from Nucor showed, the Company was able to compensate for the decline in steel imports in the wake of the tariffs almost one-to-one. To this day, Nucor continues to benefit from tariffs on steel and US government infrastructure programs.

Tungsten producer Almonty: Huge reserves, low production costs

And what consequences could the exemption of tungsten from US tariffs have for Almonty? US President Trump's measure comes at the right time for the Company. Almonty recently confirmed that production at the Sangdong mine will begin later this year. The mine is expected to produce around 40% of the tungsten outside China from 2027 onwards and also scores with extremely low production costs, which are around half those of its Chinese competitors. Like the Panasqueira mine in Portugal, which has been successfully mining high-grade tungsten for many decades, Sangdong's capacity is also set to increase significantly over the next two years. The US government's tariff exemption for tungsten should make it much easier for Almonty to import its products into the US in the future. Although representatives of the US government and other state institutions had already emphasized Almonty's importance for supplying the US with strategic raw materials, it is only the latest tariff decision that really paves the way for tungsten imports into the US.

Almonty perfectly positioned for further growth

For the US, the decision is a logical one – after all, there is currently no significant domestic tungsten production. Starting in 2027, tungsten imports from China, Russia, and North Korea will be banned. Almonty is therefore well-positioned to benefit directly from the US measures with its two mines, Panasqueira and Sangdong. As with Cameco and the import ban on uranium, Almonty's tungsten from either mine is virtually without alternative. The fact that Almonty also aims to expand its production capacities and invest more in the vertical integration of its business model is fuelling further speculation. In addition, Almonty has the potential for further projects – two properties in Spain are awaiting further development. Acquiring additional mines would also be a natural next step, as tungsten is considered a challenging material to mine and process. With its many years of expertise, the Company, founded in 2011, could play a decisive role in advancing one or two more new projects. Almonty's market position is also strengthened by its experience in ongoing operations – at Panasqueira, some miners are now in their fifth generation.

"Strong strategic position": New price target at EUR 5.59

After the share price consolidated following the Nasdaq listing, it is now picking up speed again. The analysts at GBC updated their assessment of Almonty on Monday and once again recommend buying the stock with a price target of CAD 9 (EUR 5.59). The analysts cite Almonty's increasingly strong strategic position in the western tungsten market and the approaching start of production at the Sangdong mine in South Korea as reasons for their recommendation.