Tungsten Miner Weighs Deal as US Seeks Critical-Metal Supply (2)

Almonty Industries Inc. is considering buying a US tungsten asset in a bid to join America’s push to reduce its reliance on China for a niche metal that’s crucial to weapons manufacturing.

The possible acquisition is the Toronto-based firm’s latest effort to boost its US presence after listing shares on the Nasdaq in July and announcing plans to re-domicile to Delaware. It’s also holding supply talks with the Department of Defense, Chief Executive Officer Lewis Black said Friday. The company’s shares surged.

He spoke in an interview on the same day President Donald Trump moved to exempt tungsten from his ...