Following its 2025 annual general meeting of shareholders, Masan High-Tech Materials (MHT) reaffirmed its commitment to its “Back to Basics” strategy. By concentrating on mining and processing critical minerals, MHT is strengthening the foundation of its identity and long-term competitiveness.
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Nui Phao Mining’s mineral processing plant. Photo courtesy of MHT |
Challenging environment
The year 2024 brought significant macroeconomic challenges, including geopolitical tensions, supply chain volatility, reduced global demand, and extreme weather events. MHT responded by focusing on operational excellence, cost efficiency, and resource optimization under its “Back to Basics” strategy. The result was solid financial performance, with a 2% year-on-year revenue increase to VND14,336 billion (US$641 million). Its copper segment saw substantial growth, contributing VND1,442, an increase of nearly VND400 billio. The company also reported a 15% rise in EBITDA to VND1,785 billion, reflecting ongoing improvements in cost control, production optimization, and operational efficiency.
Refocus on core business
In 2024, MHT divested its entire stake in H.C. Starck Holding GmbH to Mitsubishi Materials Corporation, securing $134.5 million in proceeds and a one-time profit of nearly VND1 trillion ($38.5 million) in the fourth quarter. This move allowed the company to streamline its portfolio and concentrate on high-margin mining and refining activities in Vietnam. MHT also leveraged advanced technologies to extract valuable metals from more than 100,000 tons of sulfide concentrate stockpiles, diversifying its portfolio with products such as high-purity APT, 4N Bismuth (99.99%), Ammonium Metatungstate (AMT), and recycled Molybdenum. These are crucial inputs for high-tech and renewable energy supply chains
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Engineers working at MTC – Masan High-Tech Materials’ advanced tungsten refinery . Photo courtesy of MHT |
Innovation and ESG initiatives
MHT’s tungsten refinery, Masan Tungsten Company (MTC), was once again recognized as a “High-Tech Enterprise” by Vietnam’s Ministry of Science and Technology for the 2025-2029 period, highlighting its advanced extraction technologies and international-standard products.
On the sustainability front, MHT achieved significant milestones in 2024, including saving over 8,000 GJ of energy through efficiency initiatives, reusing 76% of water via internal circulation systems, and rehabilitating 64 hectares of mined land.
Community investments of over $140,000 supported infrastructure, education, agriculture, and livelihoods for more than 3,500 local residents. The company also contributed approximately $36 million in taxes, maintaining its position as the top corporate taxpayer in Thai Nguyen Province and affirming its commitment to sustainability and community development.
Global supply chain realignment
Amid tightening export controls in China on minerals such as tungsten, bismuth, and fluorspar, MHT is well-positioned to serve as a reliable alternative for global industries.
When the U.S. imposed new tariffs on imported critical minerals in April 2025, MHT’s entire export portfolio-including tungsten oxide, bismuth, and acidspar-was exempted, giving it a competitive edge.
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Ashley McAleese, CEO of Masan High-Tech Materials, speaking at MHT’s 2025 annual general meeting of shareholders. Photo courtesy of MHT |
Ashley McAleese, CEO of MHT, noted that since 2024, the company has sharpened its focus on operational excellence and financial discipline to maintain strong margins. “In 2025, we’ll advance strategic initiatives from resource optimization to innovation-driven growth-building long-term competitive advantages and sustainable value for all stakeholders,” he said.
By doubling down on its core business and embracing innovation, Masan High-Tech Materials is not just staying afloat amid global uncertainty. It is positioning itself to capitalize on emerging opportunities, strengthening its foundations, and preparing for the next wave of growth.
