Pentagon backs $150M Blue Moon tungsten restart
The U.S. Department of Defense is investing $450 million in The Elmet Group, with $150 million earmarked for Blue Moon Metals' Springer tungsten complex in Nevada. Blue Moon would receive a $50-million tungsten concentrate prepayment facility and a $25-million equity investment, while Elmet would put another $75 million into a joint venture to restart Springer's APT plant. The Pentagon estimates China controls about 85% of global tungsten supply.
Why it matters: This transaction illustrates the critical minerals theme by using public money to secure supply chains.