Tungsten Mining Attracts Investment in Australia & China

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Researched by Industrial Info Resources (Sugar Land, Texas)--With remarkable properties such as a superior tensile strength, high density, favorable thermal conductivity and a high melting point, tungsten has remained a highly sought after metal globally. Driven by the expansion of major industries spanning from steel to renewables, the demand for tungsten is growing.

According to the International Tungsten Industry Association, tungsten carbide products represent almost two-thirds (65%) of global tungsten consumption. Owing to its exceptional electric conductivity, tungsten is used in electronics and also in the fabrication of photovoltaic cells and wind turbines. Tungsten also finds application in various sectors like chemical applications (as a catalyst), permanent magnets, military and aerospace, medical devices and radiation shielding. Recent findings suggest that tungsten's excellent heat conduction could boost fusion reactor technology, paving the way for more efficient materials for the reactors.

Industrial Info is tracking 58 active capital projects worth about US$5 billion that are geared toward tungsten ore mining. About 69% of the investment is aimed at grassroot projects, while 13% is towards plant expansions. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can learn more by viewing by the related project reports.

The Oceania region and Asia are the biggest drivers of investment. With an aggregate investment value of more than US$3 billion across 36 projects, they own a market share of about 33% and 31%, respectively. Europe also garners an investment of US$964 million.

By country, Australia leads the way with a total spend pipeline of about US$2 billion across 12 projects, followed by China (US$883 million) and Canada (US$755 million). Other countries with substantial investments include Kazakhstan, United Kingdom, Russia and Spain.

With 77% of the investment in the planning stages, 9% in the engineering phase and 14% already under construction, most of these projects are anticipated to reach fruition by March 2032. However, a majority of these projects (36) are currently facing a kickoff slippage of more than two years.

Despite robust demand, tungsten mining faces challenges such as high mining and refining costs, geopolitical hurdles and environmental concerns. Recently, tungsten prices in China, a leading tungsten producer, hit a ten-year high due to factors such as production cuts, stringent environmental regulation, growing demand and military conflicts in the region. This has also significantly impacted global tungsten prices.

Nevertheless, as companies adopt sustainable mining practices along with recycling and reprocessing of tungsten scrap, the future for tungsten mining is anticipated to be shaped by technological advancements and clean initiatives.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).