Location, processing and capital can make the tungsten market a tough place to be, but dwindling supply and insubstantial production indicate a coming price swing.

In this interview with The Metals Report, Ken Chernin, equity research analyst with Jennings Capital, talks about why investors have ignored tungsten in the past and which companies could be a "tungsten global force."

The Metals Report: Tungsten is used in many applications—to make tools, drill bits, glass bottles, aluminum cans, steel and wire.

Because it has a high melting point and is very dense. It's a very useful metal, but the British Geological Survey called it an endangered substance in a 2012 report.
 

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The Los Santos Project produces tungsten concentrate from scheelite ore. The project is currently the only open pit tungsten mine in operation in the west. The open pit nature of the Los Santos Project helps Almonty control its costs as it allows for greater flexibility in mining and the planning/production process.

Almonty Industries is currently engaged in a 28,000 metre exploration campaign (7,000 metres per year over the next 4 years) with a view to extending the mine life and further delineating the resource at the Los Santos Project.

Underground mining at the Los Santos Project may be an option in the future in order to target the recovery of additional higher grade veins of ore after the open pit mining has recovered all the economically viable ore using this mining process.
 

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In the past  2010, the Los Santos Project had an annual output of approximately 225,000 tonnes of ore (at 0.25% WO3) and  the mine had an annual output of approximately 441,976 tonnes of ore (at 0.27% WO3).

Tungsten is a unique metal due to its high temperature properties and exceptional high density. The metal also has widespread uses with approximately half of all tungsten used in the production of hard materials.

Namely tungsten carbide, with the remaining major uses being in alloys, steels and chemicals. Tungsten occurs primarily as wolframite ore and scheelite ore within massive pyroxene skarns.
 

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Located in the western Iberian Peninsula in the province of Salamanca, the Los Santos Project is situated in a historical scheelite producing area and is the only open pit tungsten mine in the west.

The Project is located approximately 50 km from Salamanca, in western Spain and within 200 km of Almonty Industries’ management team’s former Panasqueira tungsten mine in Portugal and Ormonde’s past producing Barruecopardo project in Spain.
 

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On target with operational improvements, increased tungsten recovery rate to 64.8%  with an average feed grade of 0.32% during the month.

Exploration upside with a 28,000 metre drilling campaign over the next four years; Turn-key mine and processing are facility ;Only open pit Tungsten mine in operation in the west ;

Alignment of interests through significant management and insider ownership;33% increase in the quoted tungsten price as a result of China approaching a supply deficit and serious tightening of global supply;
 

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The principal business of Toronto, Canada based Almonty Industries (TSXV:AII2) is the mining, processing and shipping of tungsten concentrate from their tungsten mine at the Los Santos Project.

The Los Santos Project was acquired by Almonty in September 2011 from a gold organization that lacked the necessary experience and expertise of tungsten extraction. The mine was originally opened in 2008 and commissioned in July 2010 by its former owner.

The Project is located approximately 50 km from Salamanca in western Spain and within 200 km of Almonty Industries management team’s former Panasqueira tungsten mine in Portugal and Ormonde’s past producing Barruecopardo project in western Spain.
 

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The drill results for the Peaked Mountain target for the Dungarvon tungsten-molybdenum-tin project in New Brunswick. The completely completed six holes at Peaked Mountain, for a total of 837 meters of drilling.

Mark Fields, President and CEO of Geodex stated: “Our drill program was designed to locate the origin of the numerous tungsten-molybdenum high grade boulders ."

"Which may have been sourced from a potential greisen-quartz vein system at Dungarvon. The drilling has limited the potential size of a deposit with the character of the boulders which were our exploration focus."
 

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Vietnam ferro-tungsten market quiet.

The demand from the steel market is soft, and the downstream customers only purchase from hand to mouth.

Moreover, the European customers will leave the market for holiday, and it is expected that the trading volume will be small in the near future.

A major ferro-tungsten trader based in Vietnam expressed that they has resumed productions into producing.

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China, as the worlds largest Tungsten resource county, holds 58.95% of global tungsten reserves and supplies around 85% of tungsten ore worldwide. In 2012, China newly added 200,000 tons of tungsten(WO365%) reserves and output of 131,100 tons of tungsten concentrates (WO365%), down 3.35% from a year earlier. Exposed to the restrictive policies on control of exploitation amount and export quotas as well as new limited prospecting of resources, etc, the supply and demand in tungsten market is obviously out of balance, and it is expected that Chinas output of tungsten ore will see limited growth in the upcoming several years, and that global tungsten market will be still in tight supply.

The slowdown in downstream demand from machining, electronics, real estate markets in 2012 caused the sluggish development of China tungsten industry, with the consumption of tungsten concentrate (WO365%) decreasing by 15.6% year-on-year and the lingering price slump.

Starting from Mar.2013, the demand for tungsten products at home and abroad saw a huge surge, with the selling price on a gradual rise.

In China, major tungsten producing regions concentrate in Jiangxi, Hunan, Henan, Guangxi and Fujian, the combined tungsten concentrate (WO365%) of which occupied over 88% of Chinas total in 2012. In particular, Jiangxi came out top in terms of tungsten concentrate (WO365%) output registering 46,500 tons.


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European ferro-tungsten prices expected to stabilise.

Offering prices in the European ferro-tungsten market moved above USD50.00kg W in warehouse Rotterdam on Thursday as traders awaited the outcome of consumer tenders which should give greater indication over the pricing trend. Consumer purchase prices have yet to move above USD49.50kg W in warehouse Rotterdam.

A large Northern European located trader of ferro-tungsten revealed  that the generally soft demand from the downstream European steel industry has kept prices for the noble ferroalloy relatively stable this week.

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