Key facts
- Elmet Group will acquire a 4.99% stake in Masan High-Tech Materials for $125 million.
- The deal values Masan High-Tech Materials at $2.5 billion.
- Masan Group will remain Masan High-Tech Materials' controlling shareholder with 87.46% after the transaction.
- Completion of the stake acquisition is targeted for the first half of October.
- Masan will supply about 1,250 tonnes of tungsten trioxide equivalent annually to Elmet under an eight-year commercial agreement.
- The agreement is estimated to generate US$1.5 billion in aggregate gross revenue for Masan over the initial term.
U.S. tungsten supplier Elmet Group will acquire a 4.99% stake in Vietnamese miner Masan High-Tech Materials for approximately $125 million, according to separate announcements on Thursday, September 24, 2026. This strategic investment deepens a long-standing partnership and aims to bolster supply chains for critical minerals, reducing reliance on China, which currently dominates global tungsten production.
The deal values Masan High-Tech Materials at $2.5 billion. Following the transaction, Masan Group will retain a controlling stake of 87.46% in its subsidiary. Completion of the acquisition is anticipated in the first half of October, pending regulatory and corporate approvals.
Under an eight-year commercial agreement, Masan High-Tech Materials will supply about 1,250 tonnes of tungsten trioxide (WO3)-equivalent annually to Elmet. This supply arrangement is projected to generate an estimated $1.5 billion in aggregate gross revenue for Masan over the initial term, based on prevailing prices.
The investment occurs amidst elevated tungsten prices due to constrained supply from China. Tungsten is a critical material used in sectors such as artificial intelligence, semiconductors, aerospace, and defense. Peter Anania, CEO of Elmet, highlighted the importance of critical materials for U.S. supply chain security and industrial resilience, describing the partnership as strengthening their ability to support critical industries and build more secure future supply chains.
Earlier in September, Elmet had secured a $450 million committed equity investment from the U.S. Department of War to enhance its domestic manufacturing capabilities and expand agreements with supply chain partners. Additionally, a subsidiary of Elmet received a contract worth up to $2 billion from the U.S. Defense Logistics Agency to support the National Defense Stockpile and strengthen the U.S. tungsten supply chain.
Masan High-Tech Materials operates the Nui Phao polymetallic mine and a tungsten processing complex in Vietnam, positioning itself as a major producer outside of China. The company plans to increase tungsten concentrate output from 2027 and expand its processing capacity. The transaction also provides a new valuation benchmark for Masan High-Tech Materials ahead of its planned listing on the Ho Chi Minh City Stock Exchange in 2027.