The Elmet Group has entered into a strategic relationship with Vietnam-based Masan High-Tech Materials, expanding its role across the global tungsten supply chain through an equity investment and long-term commercial agreements.
Under the arrangement, Elmet will acquire a minority ownership stake in Masan High-Tech Materials. The companies have also established long-term agreements covering tungsten supply from Masan’s Nui Phao Mine and tungsten conversion services from its integrated refining complex in Vietnam.
The agreements strengthen the connection between upstream tungsten production and downstream manufacturing. Masan operates the Nui Phao Mine and an integrated refining complex capable of converting tungsten concentrate into high-purity tungsten chemicals, while Elmet uses tungsten materials in precision-engineered components and other products serving aerospace, defense, semiconductor, medical, industrial and energy applications.
Elmet and Masan Expand Tungsten Supply Chain Integration
The relationship is designed to support a more integrated tungsten supply chain, linking mining and concentration with refining, conversion and downstream manufacturing.
Masan will continue supplying mined tungsten to Elmet from the Nui Phao Mine, while its refining operations will provide conversion capacity. The companies also intend to pursue increased refining throughput, additional product development and access to a broader international customer base.
For Elmet, the arrangement is intended to strengthen long-term access to tungsten materials and conversion capacity. For Masan, the relationship provides a committed downstream industrial customer, additional third-party feedstock opportunities for its refinery and a strategic shareholder with manufacturing capabilities and access to international end markets.
The two companies have maintained a commercial relationship for more than a decade, with Masan supplying tungsten materials to Elmet during that period. The new structure formalises that relationship and extends it across more stages of the tungsten supply chain.
The companies’ combined activities span mining and concentration, chemical conversion, powder production, pressing and sintering, forming and precision machining. This creates a connection between upstream resource production and the downstream manufacturing of tungsten-based components.
Strategic Position Across the Global Tungsten Supply Chain
The transaction also supports Elmet’s broader objective of establishing capabilities across the tungsten supply chain and strengthening access to critical tungsten materials.
Masan is one of the major producers of tungsten materials outside China, with operations covering mining, processing and refining in Vietnam. Elmet operates downstream manufacturing businesses focused on critical materials, precision-engineered components and advanced systems for several industrial markets.
The companies said the expanded relationship could support additional refining activity, new products and a wider international customer base. The partnership also provides Elmet with a stronger position within the upstream portion of the tungsten supply chain, while giving Masan greater alignment with a downstream manufacturing partner.
Completion of the equity investment remains subject to regulatory and corporate approvals. The commercial agreements will take effect following completion of the investment, after which the companies are expected to advance their joint plans across supply, refining, conversion and product development within the tungsten supply chain.