Hanoi: Masan High-Tech Materials (MSR), a strategic materials company based in Vietnam, is taking strategic steps to expand its tungsten business on a global scale. This expansion involves enhancing resource development, processing capabilities, and forming international partnerships beyond its existing Nui Phao mine operations.
According to BERNAMA News Agency, the company aims to strengthen its position within the global tungsten value chain, particularly as global supply chains undergo changes and the demand for tungsten increases. Currently, China dominates the market, producing approximately 82 percent of the world's tungsten.
MSR operates the Nui Phao polymetallic mine, considered one of the largest tungsten mines outside of China. Over the past decade, the company has developed extensive tungsten chemical processing capabilities through its Masan Tungsten Chemicals (MTC) business, which can handle an annual capacity of around 9,345 tonnes.
The company is exploring the potential addition of approximately 115 million tonnes of tungsten resources at the Nui Phao Expansion and Nui Chiem areas, which could extend mining and processing operations by 20 to 30 years, contingent upon necessary procedures.
Additionally, MSR is working to enhance its processing capacity by accessing external feedstock. Its partnership with South Korean company GB Innovation (GBI), which owns tungsten resources in South Korea, is a strategic move to process third-party feedstock in Vietnam, transforming it into higher-value tungsten products.
This collaboration aims to boost tungsten oxide production capacity to over 8,000 tonnes of tungsten trioxide (WO3) annually, while also pursuing recycling initiatives to diversify raw-material sources.
In financial terms, MSR reported a net profit after tax before minority interest of 2,202 billion Vietnamese dong for the first half of 2026, a significant improvement from a loss of 216 billion Vietnamese dong during the same period the previous year. The company's net debt to EBITDA ratio improved, declining to 2.1 times by the end of the second quarter.
MSR's strategic investments in mining and processing infrastructure have amounted to over US$700 million, enabling it to account for roughly 21 percent of tungsten supply outside China. Their tungsten chemicals, including ammonium paratungstate, yellow tungsten oxide, and blue tungsten oxide, serve various industrial and technology applications worldwide.
The company believes that the combination of long-life resources, advanced processing capabilities, and international partnerships will allow it to engage in more stages of the tungsten value chain and support supply diversification beyond China.