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Almonty Industries Approves $300 Million Share Buyback Program; Shares Up 5%

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Almonty Industries (ASX:AII) approved a three-year share buyback program authorizing the repurchase of up to 14.4 million common shares, or about 5% of shares outstanding, for up to $300 million from Aug. 24 through Aug. 24, 2029, according to a Tuesday filing with the Australian bourse.

The company said the buyback reflects management's view that its shares are undervalued, pointing to the strategic value of its high-grade tungsten assets and the ramp-up of the Sangdong mine, the filing added.

The company's shares jumped 5% in recent Tuesday trade.

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