The new material possesses excellent bullet-proofing qualities, and ballistic tests has proved its unequalled ability to stop armour-piercing bullets, according to Exote.

Exote says that the new material is as ecological alternative as WC-Co tungsten carbide, which contains tungsten carbide and cobalt, both of which are defined by the EU as critical.

The material withstands high temperatures and has high-level strength and durability, Exote claims. The metal is ideal for the manufacture of crusher blades and shear cutters, as well as exacting product tools. In ballistic protection it can be used for both personal and vehicle protection.

VTT and Exote Ltd have carried out further development on the material Exote has in production through the use of nano additives, which enable changing its toughness and hardness according to intended use.


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Kennametal Inc said it would buy Allegheny Technologies Inc's tungsten materials business for $605 million to boost supply of the raw material used to make its metal-working tools, increasing its exposure to aerospace and energy markets.

Allegheny's tungsten material business, ATI Tungsten Materials, makes tungsten powder, tungsten heavy alloys, tungsten carbide materials and carbide-cutting tools.

"It is a very core strategic deal for (Kennametal) that enhances its tungsten recycling capability," Longbow Research analyst Eli Lustgarten told Reuters.

Kennametal said the acquired business, which recovers tungsten from scrap, would boost raw material sourcing and accelerate plans to develop an advanced tungsten carbide recycling facility in the United States.

"We expect this acquisition to reduce our raw material costs while securing our supply of tungsten," Chief Financial Officer Frank Simpkins said on a conference call with analysts.

Kennametal's metal-cutting tools, tooling supplies and other products are used for making products such as airframes, and in mining operations and oil wells.

The deal with Allegheny also aligns with Kennametal's acquisition of Comercializadora Emura S.R.L. that closed in August, the company said.

La Paz, Bolivia-based Emura processes and sells tungsten ore material.

Kennametal's shares were up 1.2 percent at $46.54 in afternoon trading on the New York Stock Exchange, while those of Allegheny Technologies were up nearly 9 percent at $31.12.

Allegheny said the sale would help it concentrate on its high-performance metals and flat-rolled products businesses.

Kennametal said the acquisition would also strengthen its tooling business in the areas of metal cutting and metal finishing technologies, adding brands such as Stellram Products and Garryson Products.

The company said it expects the acquisition to reduce planned capital expenditure by about $30 million-$35 million.

Kennametal said it plans to fund the acquisition through a combination of cash and credit. The deal is expected to be neutral to earnings for fiscal 2014 ending June.

"The acquisition will be accretive to earnings per share within a year," Chief Executive Carlos Cardoso said on the call.

J.P. Morgan Securities LLC advised Kennametal. Goldman, Sachs & Co was the financial adviser to Allegheny, while K&L Gates LLP was the legal counsel.


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Allegheny Technologies Incorporated (NYS: ATI) announced today that it has reached an agreement to sell its tungsten materials business to Kennametal Inc. (NYS: KMT) for $605 million. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to be completed during the fourth quarter 2013. As a result of this agreement, ATI will report the financial results of the tungsten materials business in discontinued operations pending completion of the transaction.

The tungsten materials business, called ATI Tungsten Materials, is part of ATI's Engineered Products segment. ATI's tungsten materials business has approximately 1,175 employees and produces tungsten powder, tungsten heavy alloys, tungsten carbide materials, and carbide cutting tools. For the year ended December 31, 2012, ATI's tungsten materials business generated total net revenue of $338.6 million, operating profit of $37.2 million, and EBITDA of $45.3 million.


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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 20, 2013) - Blackheath Resources Inc. (TSX VENTURE:BHR)(FRANKFURT:04B) ("Blackheath) is pleased to announce that the Government of Portugal has granted an Experimental Mining Licence ("Licence") for the Covas Tungsten Project in northern Portugal. The Licence is valid for a period of three years, which may be extended by a further two years, and is held by Blackheath under an option from Avrupa Minerals Ltd. Under the terms of the Licence, which replaces the previous exploration licence, Blackheath may carry out test mining programmes as well as further drilling and metallurgical work at Covas.

The Licence covers an area of approximately 1,948 hectares and has been granted for the exploitation of mineral deposits of tungsten, tin and gold. Granting of the Licence follows the established practice under Portuguese mining law and may be followed, if warranted, by the grant of a full licence for full-scale commercial exploitation of mineral deposits on the property.

"We are delighted that the Experimental Mining Licence has been granted at Covas and we will now be able to proceed with the next phase of our work programme," said James Robertson, P. Eng., President and CEO of Blackheath. "We plan to complete trenching and other surface work in preparation for starting our next round of diamond drilling at Covas, as well as at our contiguous tungsten permit at Arga, in September."

Covas is a past-producing tungsten mine and remaining historic resources on the property have been estimated at 922,900 tonnes of 0.78% WO(3) (tungsten trioxide) by Union Carbide in 1980, based on work including 329 drill holes on the property. Mineralization is open to expansion. The price of tungsten has increased significantly in recent years and is currently approximately $42 per kilogram of contained tungsten trioxide. (These resources are historic in nature, prepared by Union Carbide Corp. in 1980 and are considered relevant. However, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not considering the historical estimates as current mineral resources.)

Highlights from the Phase 1 program completed by the Company early in 2013 included high grade tungsten mineralization of 2.11% WO(3) over 7.98 metres starting at a depth of 44.57 metres in Hole CO 7/12 at the Telheira target and 2.89% WO(3) over 5.10 metres in Hole CO 13/12 starting at a depth of 52.70 metres at the Lapa Grande target at Covas, as previously reported. Other results from the program confirmed extensions of tungsten mineralization in the skarn zones at Covas. (See news releases dated November 26, 2012 and March 1, 2013 for details)

The Covas property is located about 100 kilometres north of Porto, Portugal's second largest city. Blackheath holds the property under an option from Avrupa Minerals Ltd. to earn up to an 85% interest in a joint venture in the project, after incurring minimum exploration expenditures of EUR1 million in two stages to earn a 70% interest followed by completion of a prefeasibility study to earn the additional 15% interest. Blackheath also holds options for a 100% interest in the past-producing Borralha tungsten mine and the Bejanca tungsten-tin mine where exploration is also underway.

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