Germany’s mining-related equity market is increasingly centred on critical minerals rather than traditional large-scale mining companies. Companies listed or traded through Frankfurt, Xetra and Tradegate are providing investors with exposure to strategic materials projects focused on tungsten processing and lithium production.
Recent developments involving Almonty Industries and Vulcan Energy Resources highlight two different approaches to critical-minerals supply chains. Almonty is advancing tungsten concentrate production through the Sangdong mine in South Korea, while Vulcan Energy is developing an integrated lithium and geothermal energy project in Germany’s Upper Rhine Valley.
Almonty Begins Tungsten Processing at Sangdong Mine
Almonty Industries has moved its Sangdong tungsten mine from development toward production after announcing the start of processing operations on 1 July 2026. The initial processing phase is being supplied from an approximately 139,700-tonne run-of-mine ore stockpile. The operation is expected to produce saleable tungsten concentrate as the project advances toward commercial output.
Sangdong’s importance is linked to tungsten supply security. At full capacity, the project has been described by the company as capable of supplying approximately 40% of tungsten demand outside China. Tungsten is used in defence applications, industrial tooling and high-performance materials, making supply diversification a focus for critical-minerals strategies in Western markets.
Sangdong Development Shifts Toward Commercial Production
For investors accessing Almonty through German trading platforms, the project represents exposure to tungsten processing and supply-chain diversification rather than only mineral extraction. The next stages of development are focused on operational execution, including production throughput, recovery rates, concentrate quality, offtake performance and the transition from initial plant feed to consistent commercial production.
Vulcan Develops Integrated Lithium and Geothermal Project
Vulcan Energy Resources is advancing the Lionheart lithium and geothermal energy project in Germany’s Upper Rhine Valley. The project is targeting production of 24,000 tonnes of lithium hydroxide monohydrate per year, with planned output equivalent to approximately 500,000 electric-vehicle batteries. Alongside lithium production, the project includes renewable power and heat generation through its geothermal component.
Recent developments have included regulatory and construction progress. The state of Rhineland-Palatinate granted a royalty exemption for lithium production, while major construction activities began at the central lithium chemicals facility located at Infraserv Industrial Park Höchst in Frankfurt.
Lithium Production Model Combines Brine, Geothermal and Chemical Processing
Unlike conventional hard-rock lithium projects that produce concentrate for external conversion, Vulcan’s development is based on an integrated European brine, geothermal and lithium-chemicals model. The project combines direct lithium extraction, chemical processing, geothermal energy production and heat integration within one development framework.
Key development areas include subsurface flow performance, lithium extraction technology, chemical processing operations, energy integration, offtake arrangements and construction execution. Germany’s mining-related listed market remains concentrated around a small number of critical-minerals companies, with Almonty Industries providing tungsten exposure through a developing production asset and Vulcan Energy Resources advancing a domestic lithium chemicals project linked to battery supply chains and geothermal energy.
