TMR: In their yearly commodity summary for tungsten, the U.S.G.S. states that there are many tungsten mines throughout the world that are in various stages of coming on-line. Many of them are restarts of old mines. Will new mine supply make it to production given the difficulty of financing mining projects?

MS: You hit the nail on the head with financing. Securing funding is the biggest hurdle between projects and production at the moment. We’ve had many financial events over the past few years that have hurt confidence for lending. It’s not unique to the tungsten market—it’s pretty much universal. Tight lending is a macro condition that is working its way all the way down the food chain.

If you look at the fundamental situation, the tungsten market is going to need new production from somewhere. The Chinese aren’t pumping out extra tungsten. In fact, if anything they’re exporting less and less tungsten, particularly the intermediate and unrefined products. Demand in 2012 was level or down because of the problems in Europe. This year, I would expect demand to pick up a little bit.

The current producers of tungsten don’t have the capacity to materially increase production. The biggest mine outside of China, the Cantung mine in Canada, which is owned by North American Tungsten Corp. Ltd. (NTC:TSX), is producing at close to capacity and has only two or three years of reserves—and that’s a generous estimate. Most of the other mines, including a couple of mines in Europe, are producing close to capacity, so they don’t have much leeway. If demand starts to pick up, new projects or restarts will be needed to fill the gap.

In the last couple of years, the only major project that’s started production is the Nui Phao project in Vietnam, owned by Masan Group (private). It’s a Vietnamese company. That project has been through a number of hands and has been in development for quite a long time. At least $500 million ($500M) has been spent on the project. It is somewhat unique in that it is a polymetallic deposit. The process flow sheet is fairly complicated and getting the entire plant up and running will take some time. Other new producers include a smaller-scale operation in Australia and Almonty Industries Inc.’s (AII:TSX.V) Los Santos mine in Spain. These are not particularly large projects, with annual production at less than 1,000 tons of tungsten each.

The largest projects in the tungsten market are up to $500M in size. That is small compared to world-class gold or copper projects. But it is large for this market, and far larger than many of the smaller mining companies can pull off. In that sense, the tungsten market falls between large-scale and small-scale mining. And there might be an opportunity in that space. You could say that the tungsten market “falls between two stools.”

In the context of an approximately 80,000-ton annual market with 3% growth, you need 2,400 tons of additional tungsten metal per year in supply, and with 5% growth you need 4,000 tons. That’s one new big tungsten project per year. It is difficult to see where that supply could come from. In the current market, miners can’t get the financing needed to take projects from a bankable feasibility study to construction. It’s a big problem.

The only other apparently fully funded project that I know of is the Hemerdon project in the U.K., which is owned by Wolf Minerals (WLF:ASX). That project is beginning construction now, but won’t be in production until late 2014 at the earliest. There aren’t any other significant projects that will come on-line in less than two years. Most of the larger projects have at least a two-year construction phase, but most of those projects aren’t fully funded yet. The fundamentals in the tungsten market are good. Price projections for tungsten are good. The problem is getting the funding. Add it all together and it appears that the tungsten market is storing up trouble. For many reasons, the tungsten market isn’t well understood by the investment community. The problem is that whoever’s looking to fund a project is waiting for tungsten prices to go crazy and then they’ll get involved. If an investor waits until then, the timing is just not right.


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TMR: Part of the REE narrative is the limited ability to substitute other materials in specific applications. Are consumers of tungsten required to use tungsten for their particular applications?

MS: Pretty much. In most current applications, there aren’t any viable substitutes for tungsten. Demand for tungsten is therefore relatively inelastic to price changes. Five years ago, when prices started to increase, demand didn’t drop. In fact, demand was still growing at the time. Consumers require tungsten and are willing to pay for it. There’s no real substitute.

TMR: How do you track the pricing trends in the various global tungsten markets?

MS: One feature of tungsten, as with REEs, is there’s no terminal market. There’s no exchange where you can pull up the tungsten price like you can do with copper, gold or wheat. You’re relying on price discovery publications like Metal Bulletin, Metal Pages and Metals Weekly. Depending where they’re published, they give you an idea of regional pricing. Metals Weekly is a U.S. publication, so it tends to focus on U.S. prices. Metal Bulletin is based in Europe. Metal Pages has a very strong Chinese office so it can watch Chinese prices closely.

Even with those sources, it is still difficult to get exact prices for materials due to the nature of the contracts. But over time, you can see trends developing. Recently, because the European market has been weak, European tungsten prices have lagged behind China, where the tungsten market is growing quicker. Chinese economic growth is still at 7–8%, so they’re in a different part of the cycle than Europe, which has been a bit of a disaster area. But European prices are now starting to catch up and are similar to the Chinese export prices at the moment. Due to the nature of the market, pricing differentials do pop up in different regions from time to time.

TMR: Are there large players that can set prices across regional tungsten markets?

MS: Not really. I suppose if you’re looking at the price for tungsten, your first port of call is China because it accounts for so much of the market. The Chinese export market sets the world price and that’s a price you can buy Chinese tungsten—if it’s available. In the U.S., companies such as Global Tungsten Powders and Kennametal Inc. are quite big purchasers. In Europe, major consumers could include companies like H.C. Starck and Sandvik, for example. Whether they’re big enough to set prices, I don’t know.

Tungsten tends to be produced and sold to the consumer on relatively longer-term contracts, so spot business is less important. People tend to form their contracts based on the Metal Bulletin or Metal Pages price or whichever price source they feel most comfortable with. The contract will be for a certain amount of tonnage over a certain period of time and it could be a premium or a discount to the Metal Bulletin published price, depending on grade and quality.

TMR: How is tungsten price performance right now?

MS: The tungsten market is performing pretty well when you compare it to other minor metals—over both short and longer-term time horizons. Tungsten prices have been increasing for about five months in a row now. [See the chart below.]

The supply side will drive the tungsten price in the near future. China’s not going to change its strategic approach to natural resources management. The whole export license and export quota system will remain in place. Effectively, you’ll find less and less intermediate tungsten available for export from China. They’ll be shipping out more finished products whether it’s tungsten carbide powders, drill bits or cutting tools. The good news is that this presents an opportunity for tungsten mine projects.


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Tungsten just doesn’t have the sex appeal that made investors fall for the rare earth story. But maybe that’s its trump card, considering the boom/bust cycle that swept rare earths didn’t touch tungsten’s slow, steady price increases. Analyst Mark Seddon of Tungsten Market Research has long been watching the often ignored metal, and asserts that tungsten is a harder sell, but a better buy for investors. In this The Metals Report interview, Seddon outlines tungsten’s finer points and suggests miners are poised to reap rewards.

The Metals Report: Mark, what is the supply situation with tungsten?

Mark Seddon: China accounts for approximately 80% of global tungsten supply, so it’s the clear dominant player when it comes to both tungsten and rare earth elements (REEs), both of which are on most national lists of strategic or critical materials. The Chinese government has recently taken an active role in managing supply for a broad range of strategic metals, including tungsten, through export quotas, mining quotas and licensing systems. These actions have reduced the availability of ores, concentrates and intermediate products available for export. China’s goal is to add value to their natural resources by serving its own domestic markets rather than export these materials—and refining and manufacturing jobs along with it. That dynamic applies to both tungsten and REEs.

Another similarity is the fairly significant price rises in both markets. But while REE price hikes have been labeled a bubble, that’s not the case with tungsten, simply because there has not been a lot of interest from the investment community. It is possible that a bubble in tungsten will happen in the future as investors see prices for products rising and that feeds a self-reinforcing investment case and increases investor interest. But we are not anywhere near that now.

There are notable differences between the two markets as well. One of the big differences between tungsten and REEs is their applications. Tungsten is a very industrial metal. It’s mainly used as a carbide or “hard metal” in drilling and cutting tools used in heavy industry. Tungsten is not sexy in that sense. It’s a very solid industrial market. This contrasts with REEs, which are used in a lot of newer, high-tech applications that are much easier for the investment community to make into an exciting story.

TMR: So, the tungsten narrative is a little more staid.

MS: Absolutely. Here in the U.K., the national press was running articles about REE production in China and how the Chinese might cut off supplies. The result would be no more wind turbines. That narrative is the type that gets lots of attention. Meanwhile, tungsten is used in industrial applications that people don’t get as excited about. The image of the market is quite different. Another thing to keep in mind is that tungsten is just a single element with a few critical applications, whereas REEs include a number of different elements with many applications.

TMR: How large is the tungsten market?

MS: I evaluate it in terms of volume. The global market is approximately 80,000 tons of tungsten metal content. When looking at supply/demand statistics, it is important to make sure that you are using consistent units. For clarity, I use tungsten metal content (W) rather than WO3 or other intermediaries.

TMR: Is the tungsten market growing?

MS: The largest segment of the market is in cemented carbides or hard metals, which probably accounts for about a quarter of the market. Tungsten demand growth, over time, has consistently outperformed GDP. In the mid- to late eighties, for example, tungsten demand increased up to 8–10% a year when global GDP was growing at between 4–5%. The historical use of tungsten metal in mill products like filaments for light bulbs accounts for around 15% of the market. The demise of the incandescent light bulb is not a major problem for the tungsten market, as tungsten is still used in some of the newer light bulbs.


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The global supply of tungsten has been scarce for years, causing the European Union to categorize it as a “critical raw material.”

China currently has most tungsten reserves  in the world, but notable deposits can also be found throughout Europe. Many companies are exploring the continent in the hope of finding valuable assets to help meet worldwide demand. Tungsten is primarily used for industrial drilling and cutting tools, as well as for electronics and specialized steels.

The United Kingdom

The majority of tungsten reserves in the United Kingdom are in the southwest of England, primarily Western Devon and Cornwall. Both of these locales have long histories of mining, though operations have declined in recent years. There are currently not enough reserves in the area to be reported by the U.S. Geological Survey.

Specialty metals company Wolf Minerals (ASX:WLF) is one of the major companies operating tungsten projects in the United Kingdom. Its primary asset is the Hemerdon mine, which produces tungsten and tin. It is located near the Plymouth in Devin County in the Southwest UK.

Hemerdon has been identified as a “highly economic potential producer of low-cost tungsten,” the company’s website states. Recent research determined it has measured, indicated and inferred resources of 401.4 million tons at 0.13 percent WO3, which is tungsten trioxide.

Spain

There are currently not enough tungsten reserves in Spain to be reported by the U.S. Geological Survey, but the western side of the country is home to the most mining of the metal. Three companies engaged in exploration, development and mining of tungsten assets in Spain are Almonty Industries (TSXV:AII), Ormonde Mining (LSE:ORM) and W Resources (LSE:WRES).


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Wolfram is a high value mineral from which tungsten carbide (a wear-resistant material used in metalworking, mining, petroleum, military construction, and jewelry industries) is made. Tungsten is also used in light bulb and vacuum tube filaments, as well as electrodes.

Coltan is a crucial raw material in the manufacturing of critical components of electronic equipment such as radios, television sets, computers, jet engines, missiles, ships, weapons, and cellular phones.

It may not be as well known as gold or diamonds, but experts say that without Coltan, the digital economy would grind to a complete halt. Luckily for Rwanda, Coltan is a mineral it has in plenty, and the earlier the banks recognize this significance, the better in redeeming its potential.

The high demand for Coltan by the manufacturing sector in developed and industrialized countries means that there is minimum risk to any commercial bank that choose to finance projects related to it. Also in demand is Wolfram, a mineral that, if supported, has the potential to fetch the country large sums of foreign exchange.

Between January and June 2013, the country exported about 1,000 tons of the mineral, earning $14.4 million. Rwanda and the Democratic Republic of Congo are the major producers of Wolfram in Africa.


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Inadequate funding is limiting the potential of the mining industry to become Rwanda's major export earner and source of much-needed foreign currency.

Over the years, there have been persistent calls for funding from commercial banks, but local lenders, who have yet to warm up to the sector that keeps growing against odds, have largely ignored these calls.

Francois Kanimba, the Minister of Trade and Industry, sounds rather perturbed that the banking sector remains reluctant to extend credit to the mining sector, despite its major potential role in creating new jobs and reducing Rwanda's dependency on traditional agricultural exports such as tea, coffee and pyrethrum.

"The mining industry is complaining that banks are reluctant when it comes to financing their activities. I want to call upon commercial banks to look into this and help this sector grow," Kanimba said.

Kanimba was reacting to the presentation of the Monetary Policy and Financial Stability Statement for the first half of 2013, presented last Tuesday by BNR Governor, John Rwangombwa.

The report indeed highlighted the growth potential of the mining sector and its benefits to the Rwandan economy.

According to figures, the cash-constrained sector exported about 4,500 tons of minerals between January and June this year, earning the country an estimated $114.8 million in foreign exchange.

This represented a 77.7% increase in value and 23.8% increase in volume compared to the same period of the previous year. Coltan and Wolfram performed particularly well, with export volumes growing by 191% and 28% respectively.


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Question: When is a conflict mineral not officially a conflict mineral?

Answer: When it's not a diamond and is from somewhere other than central Africa.

Yet diamonds and African minerals are not the only resources in the world used to finance mayhem. As Bloomberg Markets magazine reports, the Colombian Revolutionary Armed Forces (FARC) funds its insurgency against Colombia's elected government in part with revenue from tungsten. This rare metal has entered the supply chain of parts used to make cars and electronics worldwide.

Companies such as Apple and BMW have pledged to investigate. Beyond that, a new regulatory regime to block this trade — and that of many other conflict minerals that don't fall under existing compacts — is needed. Even in its absence, companies that use such materials in their products would be wise to become more vigilant about the problem.

Two regulations cover conflict minerals. Buying conflict diamonds is barred by the Kimberley Process Certification Scheme, agreed to in 2003 by the major diamond-trading countries and the gem industry. And the Dodd-Frank Act requires U.S. companies whose products contain gold, tantalum, tin or tungsten from the Democratic Republic of Congo and neighboring states to disclose their efforts to trace the minerals' provenance.

The United States presumably could expand the Dodd-Frank provision to cover minerals outside central Africa. A proposal to do essentially the same thing is now before the European Union. Unfortunately, there is little political support in these Western countries for establishing new rules.

Businesses resist such measures. Three American business groups challenged (unsuccessfully) the limited U.S. law in court. Instead of fighting, car and electronics makers would be wise to follow the example of the diamond industry and scrutinize their supply chains — if only to protect their profits. After all, consumers and shareholders increasingly demand that companies use only materials produced without labor and human-rights abuses, and whose profits do not fuel warfare.

Consumers want cheap prices, but not unconditionally. After recent fires and accidents at apparel factories in Bangladesh, for instance, retailers, under pressure from protesters, agreed to improve factory conditions there.

Shareholders, for their part, know that reputation affects revenue. For example, the American Federation of State, County and Municipal Employees Pension Plan has filed proposals with Caterpillar, Halliburton and McDonald's asking for reports on business risks arising from labor and human rights abuses in company operations. ...

In other words, a conflict mineral is a conflict mineral. And it's bad for business.


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The ExOne Company, a global provider of three-dimensional printing machines and printed products to industrial customers and rapid prototype + manufacturing, jointly announced today a collaboration that has added bonded tungsten to ExOne’s portfolio of 3D printing material.      

ExOne and rp+m worked collaboratively to develop the application of bonded tungsten in the design of rp+m’s products to be used in protecting people and their environments from the harmful effects of ionizing radiation. The 3D printed products provide solutions that reduce development time and costs traditionally associated with fabrication and tooling, as well as production lead-time. rp+m and its partner, Radiation Protection Technologies, target bundled solutions for lead(Pb) replacement for the medical imaging and aerospace markets. rp+m has ordered an M-Flex machine to develop solutions in bonded tungsten, which replaces lead(Pb), with a Restriction of Use of Hazardous Substances compliant solution.

Rick Lucas, ExOne’s chief technology officer, comments, “3D printed bonded tungsten is a great solution for radiation shielding because the M-Flex can create complex shapes for these applications that would be difficult to create with conventional methods of manufacturing. Our collaboration with rp+m demonstrates the power of ExOne’s strategy in engaging customers in the early stages of the materials development process, yielding direct applications in new markets.”

Matt Hlavin, CEO of rp+m noted, “We believe ExOne’s M-Flex machine is unique because of its ability to use multiple types of material and the machine’s fast print speeds. The ExOne team is clearly committed to forming strategic relationships with innovators, such as rp+m, to drive their 3D technology to new frontiers. rp+m will continue to work with ExOne to develop other materials and applications for the M-Flex machine.”  

ExOne’s Material Applications Laboratory (ExMAL) continues to have other materials under various stages of development. ExOne has been focused on 3D printing for industrial customers since 2005.


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Tungsten is a rather important element. Bearing Atomic Number 74, Tungsten is used in a wide range of applications including the production of LCD screens to internal parts of high-performance engines such as crankshafts. There are mines around the globe that supply the planet with its tungsten, and most of it comes from China. In fact, China produces 85 percent of the world's tungsten ore. Some of this tungsten, however, comes from sources that aren't exactly on the up and up and that's putting it mildly. It may be less than one percent of the global supply of tungsten ore, but Revolutionary Armed Forces of Columbia (aka FARC) is mining the tungsten ore and selling it allegedly to fund guerrilla warfare.

This group wears the terrorist label. That means that any tungsten ore they sell is officially a conflict material.. and it's winding up in the global supply, which is then potentially purchased by many companies. This includes automakers like Volkswagen, BMW, and Ferrari. Of course, the automakers state that they only purchase their tungsten ore from official and legal sources. This is increasingly harder to confirm 100 percent, however, because some of the largest supplies of tungsten might wind up purchasing portions of the element from conflict mines.

All of the tungsten ore coming from Columbia doesn't necessarily come from the FARC-operated mine of Tiger Hill. Still, Colombian officials believe that a portion of the exported commodity does and they are working to stop this. It's not an easy battle as you might imagine.


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H.C. Starck, a leading worldwide manufacturer of technology metals and one of the biggest companies in the global tungsten industry, and Nui Phao Mining Company (“Nui Phao”), a subsidiary of one of Vietnam’s largest private sector business groups, Masan Group Corporation (HOSE: MSN, “Masan Group”), have announced the signing of definitive agreements to establish a joint venture for the production of value-added tungsten chemicals in Vietnam.

Nui Phao and H.C. Starck will own 51% and 49% respectively of the joint venture, which will process all of Nui Phao’s tungsten concentrate into higher value-add tungsten chemicals, including ammonium paratungstate (APT) and blue tungsten oxide (BTO). The joint venture company will have an installed capacity of 6,500 tons tungsten trioxide per annum. H.C. Starck will manage the joint venture and has committed to buy a significant share of the production for its own internal use. The company will also support marketing of the remaining product through the joint venture.

Andreas Meier, President and CEO of H.C. Starck said, “Masan has developed a world-class mining operation and the Nui Phao mine will be a stable source of material for the joint venture. For H.C. Starck this joint venture strengthens our leading position as a global tungsten producer and increases our manufacturing footprint in Asia. Based on the secured supply of tungsten concentrate and our recycling capabilities, we can provide our customers long-term supply security independent from regulatory restrictions and we expect less price volatility for tungsten.”

H.C. Starck has significant experience in the tungsten processing business, which is a niche and technologically intensive industry, and will therefore be responsible for the industrial management of the joint venture.

Dominic Heaton, CEO of Masan Resources, a subsidiary of Masan Group and the parent company of Nui Phao, commented, “H.C Starck has world-class expertise in the processing of tungsten chemicals and oxides. With H.C. Starck’s specialized know-how and technology, Masan Group is able to contribute to Vietnam’s objective of becoming more of a manufacturer of value-added products.”

Madhur Maini, CEO of Masan Group, said: “H.C Starck is the technology leader in the production of several high-technology metals. The partnership with H.C. Starck, one of the world’s largest tungsten players, will help Masan capture more of the tungsten value chain and is a testament to the quality of Nui Phao’s tungsten deposit and processing plant.”

H.C. Starck is a leading global manufacturer for technology metals. Besides being one of the largest global tungsten companies in the world, it also holds top market positions with its tantalum, molybdenum, niobium, and rhenium products. All of these metals require advanced technology and know-how to process.

Nui Phao, the tungsten concentrate supplier of the joint venture, has developed one of the largest known tungsten deposits outside of China with an expected mine life of more than 15 years. The construction of the tungsten chemical plant that will be part of the joint venture is in progress. The first stage of the tungsten chemical plant will start production next month, with further stages expected to be completed in 2014.

Tungsten is one of the hardest metals and has the highest melting point. As a strategic resource, it is used in a variety of applications requiring high strength. APT and BTO are intermediary chemicals used for the production of high speed cutting and drilling tools which are in high demand from growing industries such as mining and mechanical engineering, medical technology, and the automotive and energy industries. APT is also used for catalyst production in the chemical industry. The European Union identified tungsten as one of the critical raw materials that have high strategic value and yet for which there are only limited natural resources.

The establishment of the joint venture and closing of the definitive agreements are subject to customary corporate and regulatory approvals.


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