Elmet Group Invests $125M in Masan High-Tech Materials to Secure…

Event summary

The Elmet Group will acquire a 4.99% equity stake in Masan High-Tech Materials for $124.75 million.
The investment includes multi-year supply agreements for tungsten from MSR’s Nui Phao Mine and refining complex in Vietnam.
The deal formalizes a 12-year commercial relationship and aims to secure long-term access to tungsten supply and conversion capacity.
Elmet will receive a seat on MSR’s Board of Directors and support MSR’s planned uplisting to the Ho Chi Minh Stock Exchange.
The transaction is expected to close in the third quarter of 2026, subject to regulatory and corporate approvals.

The big picture

This investment is part of Elmet’s broader strategy to strengthen its position as a vertically integrated provider of critical materials, following a $450 million investment from the U.S. government. The deal underscores the growing importance of securing reliable supply chains for critical minerals, particularly tungsten, which is essential for industries like aerospace, defense, and semiconductors. The collaboration between Elmet and MSR also highlights the increasing role of Vietnam in the global supply of advanced materials.

What we're watching

Supply Chain Integration: How the formalized relationship will affect Elmet’s ability to vertically integrate its tungsten supply chain.
Regulatory Approvals: Whether the transaction will receive the necessary regulatory and corporate approvals to close by the end of Q3 2026.
Market Expansion: The pace at which Elmet and MSR can expand their customer base and increase refining throughput.