08:05 AM EST, 01/29/2025 (MT Newswires) -- Almonty Industries ( ALMTF ) on Wednesday said it agreed to sell all of the material produced from its Sangdong molybdenum project to South Korea's SeAH Group for the life of the mine.

The fully-permitted Sangdong project is expected to begin producing by the end of next year, with an anticipated life of mine of 60 years. When operating at full capacity, the mine will produce 5,600 tons of molybdenum annually.

SeAH is the largest processor of molybdenum products in South Korea and operates the second largest molybdenum oxide smelter in the world. It is building a US$110 million metals and fabrication facility in Temple, Texas, that will provide fabricated metal products to SpaceX and to the U.S. defense and civilian aerospace sectors.

The offtake includes a hard floor price of US$19.00/lb (before treatment charges) to ensure financial stability and a predictable revenue base as Almonty advances the project. The current price of molybdenum is US$22/Lb.