Vietnam’s Masan High-Tech Materials Says Mine Expansion Could Supply 115 Million Tonnes of Additional Tungsten Ore

Why It Matters

The added resource base secures a long‑term supply of a critical metal outside China, strengthening Masan’s market position and offering investors exposure to growing EV and semiconductor demand.

Key Takeaways

• Expansion could add 115 million tonnes of tungsten ore
• Supports 20‑30 years of mining at 3.5 Mt/year
• Production capacity to exceed 8,000 tonnes of tungsten oxide
• Clients include Honeywell and Mitsubishi, targeting EV and semiconductor demand
• Shares up 60% YTD as investors price China’s export curbs

Pulse Analysis

China still dominates the global tungsten market, accounting for roughly 83 % of output in 2024. Recent export restrictions have tightened supply chains for high‑tech sectors that rely on tungsten’s high melting point and strength, such as semiconductor manufacturing and electric‑vehicle powertrains. This backdrop has heightened interest in alternative sources, prompting buyers to diversify away from Chinese producers. Vietnam, with its sizable Nui Phao mine, is emerging as a strategic foothold for Western manufacturers seeking a more stable supply.

Masan High‑Tech Materials’ latest announcement underscores that strategy. By tapping an additional 115 million tonnes of ore across the Nui Phao Expansion and Nui Chiem zones, the company can sustain operations for another two to three decades without major new capital outlays. The plan leverages existing processing facilities, allowing Masan to scale tungsten oxide production beyond 8,000 tonnes annually. Financial projections show a profit range of 1.7‑2.5 trillion dong, roughly $73‑$108 million, reinforcing the firm’s cash‑flow resilience ahead of a planned 2027 listing on the Ho Chi Minh Stock Exchange.

For investors, the expansion offers a rare play on a critical mineral with limited global substitutes. The combination of long‑term resource security, exposure to fast‑growing end‑markets, and a stock that has already rallied over 60 % this year makes Masan an attractive candidate for portfolios focused on the energy transition and advanced manufacturing. As China’s export policies remain unpredictable, companies like Masan that can deliver consistent, high‑grade tungsten will likely command premium valuations and attract strategic partnerships from OEMs such as Honeywell and Mitsubishi.