Elmet Group to Deploy $450M DoW Funds to Secure U.S. Tungsten Supply Chain — The Elmet Group Co.

Event summary

The Elmet Group will allocate $450M from the U.S. Department of War to secure and expand the U.S. tungsten supply chain.
$165M will modernize domestic facilities in Maine, Michigan, and Ohio to boost tungsten production.
$150M will restart the Springer Tungsten Complex in Nevada via a joint venture with Blue Moon Metals and EQ Resources.
$150M will diversify tungsten supply through partnerships in Australia and Spain.
Elmet Refining & Trading (ERT) launched to oversee global tungsten supply chain integration.

The big picture

The Elmet Group's strategic capital deployment underscores the growing emphasis on securing critical mineral supply chains for national defense and industrial applications. With tungsten's irreplaceable role in high-performance components, Elmet's vertical integration efforts align with broader U.S. goals to reduce reliance on foreign sources. The $450M investment highlights the scale of funding directed toward strengthening domestic manufacturing and allied supply networks in response to geopolitical risks.

What we're watching

Execution Risk: Whether Elmet can meet the 2027 restart timeline for the Springer Tungsten Complex and 2028 APT conversion facility.
Supply Chain Resilience: How successful Elmet will be in diversifying tungsten supply through international partnerships.
Defense Priorities: The pace at which Elmet can replenish the U.S. National Defense Stockpile without disrupting existing industrial supply.