Management Team

Markets

Tungsten metal

Mining and usage of Tungsten has had a long history and is one of the most important basic raw materials required by the metal working industry (Bender, 1979). Currently tungsten has been identified as a critical metal by the European Union due to growing demand from the Western World and supply restrictions from China (Peiro, Mendez and Ayres, 2011), which holds the majority of the world’s tungsten reserves (Stafford, 1982). Tungsten was discovered and isolated from its two principal minerals, Scheelite and Wolframite in about 1780. It was not commercially recognized until the mid-19th century when its applications as an additive in tungsten manganese steel were accounted for (Smith, A, 1979).

Mineralogy

Tungsten, or wolfram, is a chemical element with the symbol W (referring to wolfram) and atomic number 74. The name tungsten comes from the former Swedish name for the tungstate mineral scheelite, from Tung sten “heavy stone”. Tungsten is a rare metal found naturally on Earth almost exclusively combine with other elements in chemical compounds rather than alone. The free element is remarkable for its robustness, especially the fact that it has the highest melting point of all the elements discovered, melting at 3422 Degrees Celsius.

Uses of Tungsten

The majority of tungsten usage contributes to the production of tungsten carbide or other tungsten alloys utilised in hard and wear resistant cutting equipment. Throughout 1995 the US used 55% of tungsten produced in cutting and wear resistant material, an additional 10% was used in light filaments, ammunition and cathodes (Werner, Sinclair and Amey, 1998). Tungsten has been identified as a critical metal by the European Union mainly due to supply restrictions and pressures from China as well as growing European demand (Peiro, Mendez and Ayres, 2011). These concerns indicate a strong foreseeable near future demand for the minerals and favourable conditions for mining.

Resources

Currently the world annual tungsten mining production, excluding some withheld United States (U.S) data, for commercial and government reasons is approximately 61,000 tonnes of which 52,000 tonnes originates from China (Shedd, 2011). The world’s largest users of tungsten are the chemical and metallurgical industries which use some 33,000 tonnes of tungsten a year.

Current Markets and Pricing

Tungsten pricing predictions have long been difficult to estimate. Variables such as wars and surging industrial growth are considered to be leading factors in tungsten demand and both are often unpredictable (Stafford, 1982). Tungsten price per metric tonne of WO3 concentrates at a minimum of 65% was trading at around A$18,600 in February 2021.