Nankang Tungsten Industry Development Exchange Conference

Recently, Tungsten Industry Development Exchange Conference was held in Nankang, Jiangxi. The former Director of the Standing Committee of Nankang Municipal Congress, Zhou Yingtang and Nankang city leader Ke Yansong, Zhong Xuhui, Xiao Zhidong and Wu Jian attended the meeting. At the conference, Fang Zhigang, the professor of the University of Utah gave a talk on the subject of the development trend of industrial technology of gradient cemented carbide and cemented carbide. He gave vivid and deep analyses of the integrated trend of tungsten industry at home and abroad, the development trend of tungsten industrial structure, and processes and development trend of cemented carbide. His analysis provides important guidance to the sustainable development of tungsten industry in Nankang city.

 

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The first list of enterprises access to tungsten, tin and antimony industry in Jiangxi

Recently, the ministry of industry and information technology announced the first list of enterprises qualified, according to the industry admittance requirements for tungsten, tin and antimony industry and management interim measures of enterprises access to tungsten, tin and antimony industry.

The first list includes 9 enterprises in Jiangxi, they are Zhangyuan Tungsten in Chongyi County, Yaosheng Tungsten, Jiangwu Cemented Carbide, Haisheng Tungsten and Molybdenum in Ganzhou, Jiangwu Youtai New Materials, Yuanchi New Materials, Huamao Tungsten Materials, Ganzhou Nonferrous Metal Smelting and Huaxing Tungsten. It’s reported that the first list include 16 enterprises.

 

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Zhuzhou Cemented Carbide Group Co. Ltd.-a banner of cemented carbide industry in China

ZCC has proposed the objectives and outlook of “developing ZCC into a world-class cemented carbide enterprise” in 1980s and “holding a place among the international advanced cemented carbide enterprises” in 1990s. Entering the new century, ZCC has taken “building a world famous brand and being among world strong cemented carbide enterprises”. Such objectives make a united will and enable ZCC to become a new legend in the development history. The total assets are planned to reach 10 billion and the total profit is planned to reach 1 billion by the end of 12th Five Year Plan to build an export-oriented and multinational company ranking top 3 in the world industry.

 

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The Reason For Tungsten Prices Moving Forward

Why tungsten prices are moving forward?

It is said that no new tungsten projects are coming on-line in the next 12-18 months. Then there is China's role. China accounts for 83% of global production and has considerable influence on tungsten prices.

China is looking to weaken Western producers as it would be more beneficial to maintain healthy prices to fund its businesses, its growth and its move into downstream and higher-margin tungsten products. China can respond quickly to drops in tungsten prices. For example, it was reported in one publication in January that the majority of tungsten miners were unwilling to sell their tungsten concentrate at lower prices because of the bullish outlook. This acts as somewhat of a floor, because the drop in supply would improve pricing.

We're going to see APT prices back up around the $400/Mtu mark, if not by late 2013 then by early to mid-2014.

 

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Tunsgten Carbide Scrap Recycling Impact On Tungsten Market

American National Carbide, a tungsten carbide supplier and high-end toolmaker, has expanded its tungsten carbide scrap recycling facility to handle up to 1 million pounds (1 Mlb) scrap carbide per year.

Tungsten carbide scrap recycling is extremely important for meeting global tungsten demand. Current estimates of supply from recycling for the global tungsten market are about 35%, which is significant because 10 years ago it was 10%. Given that the U.S. doesn't have any producing tungsten mines, it's a positive for the country. With an improved outlook for U.S. manufacturing coupled with the shale boom, tungsten consumption is likely going to increase, and recycling will play a role in offseting any supply shortfalls.

 

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Tungsten Mine Production by Premier African Minerals by End-2013

JOHANNESBURG (miningweekly.com) –The initial focus of aspirant multi-commodity natural resource asset developer Premier African Minerals on Monday said a recent exploration update from its flagship RHA tungsten project, in Zimbabwe, indicated the potential for development of a low-capital- and low-operating-cost mine in the near term.

A five-hole diamond drilling program undertaken on site confirmed significant tungsten oxide values.

"This update has revealed significant tungsten mineralisation in the form of very coarse wolframite crystals hosted by quartz veins identified from drillhole intersections, and highlights the exceptional prospectivity of our RHA tungsten project,” Premier CEO George Roach said in a statement.

Drilling had also potentially uncovered three previously unknown, well-mineralised quartz veins in the existing lode system.

Further low-cost surface trenching and sampling would be undertaken in the first quarter of the year to confirm the surface location and extent of the hanging wall lodes, with a South African Mineral Codes-compliant resource on target for completion within the first half of the year.

“In tandem with this, we are also completing a conceptual mine study, which will determine the most beneficial and cost-effective method of exploiting the known extent of the RHA deposit,” added Roach.

The conceptual study would consider the possibility of early and low-cost production from the recently discovered outcropping mineralised quartz veins, as well as from existing tailings dams and dumps.

“Given the availability of water and power at the property, and the relative simplicity of the required processing plant, we believe we will be able to start development with a view to production potentially before the end of 2013," Roach advised.

 

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British Geological Survey's 2012 About Tungsten

Tungsten ranked second behind rare earths in the British Geological Survey's 2012 supply risk index based on a number of factors like location and concentration of production and reserves, but the report highlighted that tungsten (as well as rare earths) has lower recycling and low substitutability.

The supply risk for tungsten stems from China's role in the industry. China accounts for approximately 83% of global tungsten concentrate production and about 62% of global tungsten reserves. China became a significant player in tungsten production in the mid-1980s. By the late 1990s, it had flooded the global market with tungsten causing concentrate prices to plunge below most western producer's variable cost. As a result, the vast majority of western mines were closed.

 

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Junior Miners Focus Their Looks at Tungsten in Portugal

Companies wanting strong tungsten projects in their portfolios are looking to Portugal as a jurisdiction to achieve that goal. Among the group of junior miners exploring Portugal’s mineral wealth is Colt Resources (TSXV:GTP,OTCQX:COLTF), which stated in a corporate presentation that Portugal remains largely overlooked and underexplored despite mining history dating back 2,000 years.

Echoing Colt’s sentiments is Jim Robertson, Director, President and CEO of Blackheath Resources (TSXV:BHR, FWB:04B) who told Tungsten Investing News (TIN) that Portugal’s tungsten mining history dates back to the end of the 19th century.

Robertson points out that the nation’s Panasaqueira mine is one of the few continuously operating tungsten mines outside of China and it has produced high grade wolframite for over 100 years.  By 2008 when Primary Metals was acquired by the Japanese metal firm Sojitz, Panasaqueira was a turnaround story that was central in a deal worth roughly 20 times earnings and that resulted in a 30-fold return on investment in 3 years.

 

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Hemerdon project eyes 2015 production

Hemerdon Ball tungsten and tin project, conducted by ASX-listed Wolf Minerals, owns major tungsten and tin ores in Britain. JORC, developed by Hemedon project, is the world’s third largest tungsten ore and was associated with tin ore. The company has finished its pre-feasibility study in May, 2011, and the project is planned to be actually completed in 2015, for a capacity of 3,500 tons of tungsten concentrates and 450 tons of tin concentrates.

 

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The Chinese tungsten market in the future

Tungsten prices rose strongly throughout 2010 and most time of 2011, as most of the economies outside China recovered from the credit crisis-induced recession and demand for tungsten increased in parallel. At the end of September 2011, prices for Chinese APT had reached US$450-460/mtu, compared to US$330/mtu at the beginning of the year and US$200/mtu at the beginning of 2010.  APT prices are now well above the previous peak of US$300/mtu in June 2005.

Roskill expects to see a market fluctuating around an equilibrium level, but forecasts the market to be in deficit in both 2011 and 2012, before new supply enters the market.  Currently, Roskill expects 2013 to be the tipping point where supply overtakes demand in the tungsten market at some point during the year.  Assuming that the majority of planned projects reach production, then a surplus is expected to develop, although any further delays to new supply entering the market would quickly see a deficit forming and prices would remain higher than in the forecast (probably into 2014).

Given the current levels of APT prices, Roskill expects that the average for the whole of 2011 will rise to a forecast US$430mtu by the end of the year.  Very few of the significant new tungsten projects are expected to deliver any substantial tonnages of tungsten in 2012, so the market will be relying on existing producers to cope with any growth in demand.  As a result, Roskill predicts a further tightening in supplies of tungsten and, therefore, further price rises, with an average APT price of US$475/mtu.

Prices are expected to ease between 2013 and 2015 as the bulk of planned new tungsten production capacity is expected to enter the market.  Demand for tungsten is expected to continue to grow to 2016 and beyond, putting further pressure on the supply side and requiring more new capacity.

 

Tungsten Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
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