US tungsten maker Elmet is set to take a 4.99% interest in Vietnam-based Masan High-Tech Materials by purchasing shares from a Masan Group subsidiary. Following the deal, Masan Group said it would still control the company, holding roughly 87.46% of the shares.
Based on the agreed terms, Masan High-Tech is valued near $2.5 billion, placing Elmet's portion at approximately $125 million. The parties target completion in the first half of October, pending corporate and regulatory approvals.
Beyond the equity piece, Elmet locked in a multiyear tungsten supply that stretches for more than eight years. The setup centers on yearly quantities totaling roughly 1,250 tons of tungsten material.
At today's prices, Masan High-Tech estimates those contracts would over the life of the agreements, Masan High-Tech projects gross revenue of about $1.5 billion. The companies, partners for more than 12 years, also plan to source additional tungsten concentrate from international mines and process it in Vietnam.
Tungsten has moved up the priority list in Washington as the US works to secure inputs for defense, aerospace, and advanced manufacturing. Last week, the Pentagon said it would put $450 million into Elmet through redeemable preferred equity, targeting an expansion of U.S. tungsten output and a reduced reliance on China-heavy supply chains.
Outside China, Masan High-Tech ranks as the biggest maker of midstream and downstream tungsten products. Its 921-hectare Nui Phao project ranks among the biggest tungsten sources beyond China, with the metal serving applications spanning semiconductors, drilling equipment, and weapons. In June, Masan High-Tech announced plans to expand the Nui Phao mine and the nearby Nui Chiem area, a plan that could increase tungsten‑polymetallic resources by 115 million tons. Masan Group added that this deal is intended to be the first of potentially several initial step toward multiple comparable tie-ups with major tungsten buyers in other regions.
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Elmet makes tungsten-based materials, engineered precision parts, and high-energy advanced systems, and operates plants that handle both production and processing in Maine, Michigan, and Ohio.
The investment is expected to close within the first half of October, pending approvals. For Masan High-Tech, the long-term offtake volumes and potential expansion of its resource base put more tungsten into the pipeline just as US demand visibility improves.
This ties a US manufacturer directly to one of the biggest non-China tungsten suppliers, and it lands alongside a $450 million Pentagon commitment to Elmet. That points to more diversified supply and a clearer line of sight on where tungsten-related cash flows could show up. If you track critical minerals, watch how the long-term volumes and Masan High-Tech's projected gross revenue stack up against spot prices and buying from defense and chipmaking.
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