China controls 79% of tungsten mining and 85% of APT refining, creating a $2,000/mtu price gap that is splitting the global tungsten market in two.
Company Profile
Masan High-Tech Materials
Overview
About Masan High-Tech Materials
Masan High-Tech Materials Corporation (UPCoM: MSR) is a Vietnamese critical-minerals company that produces advanced tungsten materials. A subsidiary of conglomerate Masan Group (HoSE: MSN), its core asset is the Nui Phao polymetallic mine in Thai Nguyen province, which yields tungsten, fluorspar, bismuth and copper, supported by an integrated downstream tungsten processing facility. Through its Masan Tungsten subsidiary, it manufactures ammonium paratungstate (APT), blue and yellow tungsten oxides, and tungsten chemicals serving cutting tools, electronics and defense markets. In December 2024 it completed the divestment of its German tungsten-powder business H.C. Starck to Mitsubishi Materials.
Investor Snapshot
Operations & Materials
Corporate Structure
REEx Intelligence
Recent Articles
China controls the conversion layer across 20 critical minerals. REEx ranks U.S. vulnerabilities from gallium to platinum—and why mining alone won't fix it.
Tungsten prices surge 200% as China tightens export controls, exposing a fragile tungsten supply chain critical to defense and semiconductors.
Vietnam's Nui Phao mine emerges as critical non-China tungsten supply chain source as Masan courts global investors amid soaring prices.
