00:00It's Benzinga, bringing Wall Street to Main Street.
00:03China dominates global rare earths and critical mineral supply chains,
00:07prompting U.S. officials to seek alternatives as export restrictions
00:10and trade tensions grow, according to CBS News.
00:14Louis Black, CEO of Almonte Industries, said his company has signed an agreement
00:19to supply tungsten for U.S. security needs and recently met with U.S. officials,
00:24including at the White House.
00:25Almonte owns the Sangdong tungsten mine in South Korea,
00:28which is undergoing testing ahead of full commissioning later this year.
00:33The mine once accounted for nearly 30% of South Korea's GDP
00:36before shutting in the 1990s due to Chinese price dumping.
00:41China controls at least 80% of the global tungsten supply.
00:45Almonte is relocating its headquarters to New York
00:47and has expanded assets in Europe and the U.S.
00:50For all things money, visit Benzinga.com.
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