Tungsten West signs £1.4B offtake from UK
Tungsten West signed a binding eight-year offtake agreement to supply The Elmet Group from its Hemerdon mine, covering 1,000 tonnes of contained tungsten trioxide annually and valued at more than £1.4 billion at current prices. Pricing will vary with European ammonium paratungstate prices. The deal follows a UK National Wealth Fund investment of up to £71 million and a US$450-million U.S. government investment in Elmet.
Why it matters: This deal illustrates the theme of critical minerals as Western governments seek alternatives to Chinese tungsten supply.