US Department of War commits US$450mln to tungsten
Critical materials company The Elmet Group plans to allocate this to establishing a more secure tungsten supply chain.
The investment is expected to help The Elmet Group (ELMT) develop its global tungsten mining network and processing capabilities, creating a vertically integrated supply chain and expanding domestic manufacturing.
The aim is to establish an integrated network of sourcing, processing and refining assets across the globe.
Peter V. Anania, CEO of ELMT, says, ‘We are seeking to expand the capacity of our US manufacturing operations while establishing long-term partnerships…to secure critical feedstock, processing expertise and downstream manufacturing capabilities.’
ELMT supplies tungsten to US defence programmes – including Patriot, Javelin, the AEGIS missile system, Trident II and Terminal High Altitude Area Defense – as well as Virginia- and Columbia-class submarines.
The company will reportedly direct more than US$165mln of the Department of War investment towards the modernisation and expansion of its existing critical infrastructure facilities.
This is intended to increase capacity for defence and industrial applications, as well as expand production of tungsten heavy alloy and powder products.
ELMT also plans to allocate around US$150mln to the Springer Tungsten Complex in Imlay, Nevada, operated by Blue Moon Metals.
It is also expected to use up to US$150mln to advance a network of partnerships and investments – including Mt Carbine Mine, Australia, and Barruecopardo Mine, Spain – to diversify tungsten supply, reduce concentration risk and establish secure sources of critical materials.
The creation of new mining, processing and manufacturing capacity aims to help increase the availability of tungsten across the broader US industrial base, while supporting long-term national security objectives.
