Masan High-Tech Materials, Elmet Form Strategic Tungsten Partnership
KUALA LUMPUR, Sept 25 (Bernama) -- Masan High-Tech Materials Corporation (MSR) has entered into a strategic partnership with The Elmet Group Co (Elmet), combining a 4.99 per cent equity investment in MSR with multi-year agreements for the procurement and sale of tungsten products.
Under the transaction, Elmet will acquire the stake from a wholly owned subsidiary of Masan Group at an implied US$2.5 billion equity valuation. Masan Group will remain MSR’s controlling shareholder with approximately 87.46 per cent ownership following completion. (US$1 = RM4.08)
The eight-year-plus commercial partnership covers committed sales volumes of approximately 1,250 tonnes of tungsten trioxide (WO₃) equivalent annually and an estimated aggregate gross revenue of approximately US$1.5 billion over the initial term at prevailing tungsten prices.
The agreements are expected to strengthen revenue visibility and the utilisation of MSR’s integrated mining and refining platform in Vietnam.
“The technologies defining this century, including artificial intelligence (AI), semiconductors, and aerospace, cannot exist without tungsten.
“Elmet has spent 12 years inside our supply chain. They know what we have built and what it would take to build again. That is what trust looks like when it converts into capital,” said MSR Chairman, Danny Le.
Meanwhile, Elmet Chief Executive Officer, Peter V. Anania said the company’s investment reflected confidence in MSR’s platform, leadership and future opportunities, adding that the partnership would strengthen its ability to serve customers and support critical industries.
In a statement, MSR said the transaction builds on its existing partnerships across South Korea, Japan and Europe as demand for tungsten grows in areas including AI infrastructure, semiconductors, aerospace, energy and advanced manufacturing.
The company recently announced the potential addition of 115 million tonnes of tungsten-polymetallic resources and plans to expand tungsten oxide production capacity to more than 8,000 tonnes of WO₃ per year. In the first six months of 2026, MSR reported revenue of approximately US$423 million and net profit after tax of US$83 million.
Completion of the equity investment is subject to customary closing conditions, including regulatory and corporate approvals, with the parties targeting completion in the first half of October. Jefferies Singapore Limited acted as exclusive financial adviser to MSR.
-- BERNAMA