Masan High-Tech Materials Expands Global Tungsten Business
KUALA LUMPUR, Sept 14 (Bernama) -- Masan High-Tech Materials (MSR), a Vietnamese strategic materials company, is expanding its tungsten business beyond its Nui Phao mine through resource development, processing capabilities and international partnerships.
In a statement, the company said its strategy is aimed at strengthening its position across the global tungsten value chain as supply chains are reshaped and demand for the strategic material grows. China currently accounts for about 82 per cent of global tungsten production.
MSR owns the Nui Phao polymetallic mine in Vietnam, one of the largest operating tungsten mines outside China, and has developed tungsten chemical processing capabilities through its Masan Tungsten Chemicals (MTC) business over a decade, with an annual capacity of approximately 9,345 tonnes.
The company is also advancing the potential addition of approximately 115 million tonnes of polymetallic tungsten resources at the Nui Phao Expansion and Nui Chiem areas, which could extend mining and processing operations by about 20 to 30 years, subject to the necessary procedures.
MSR is also expanding access to external feedstock to improve utilisation of its processing capacity. Its partnership with South Korea-based GB Innovation (GBI), which owns tungsten resources in South Korea, will enable MSR to process third-party feedstock in Vietnam into higher-value tungsten products.
The partnership supports plans to increase tungsten oxide production capacity to more than 8,000 tonnes of tungsten trioxide (WO₃) per year, while the company is also pursuing recycling initiatives to diversify its raw-material sources.
MSR recorded a net profit after tax before minority interest of 2,202 billion Vietnamese dong in the first six months of 2026, compared with a loss of 216 billion Vietnamese dong in the same period a year earlier. Net debt to earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to 2.1 times at the end of the second quarter.
The company said it accounts for about 21 per cent of tungsten supply outside China, with more than US$700 million invested in its mining and processing infrastructure. (US$1 = RM4.06)
MSR said its tungsten chemicals, including ammonium paratungstate, yellow tungsten oxide and blue tungsten oxide, serve industrial and technology applications globally.
The company said the combination of long-life resources, advanced processing capabilities and international partnerships would enable it to participate across more stages of the tungsten value chain and support supply diversification beyond China.
-- BERNAMA