According to CNBC, China has begun to restrict exports of critical minerals. Meanwhile, new tax measures in the U.S. are encouraging many countries to look for new sources of supply beyond the billion-people market.
In this context, Masan High-Tech Materials, an industrial mineral manufacturing company of Masan Group, is poised to meet international demand through its strength in tungsten production, a robust global strategic partnership network, and a firm commitment to green production and sustainable development.
Strong growth in tungsten and copper production
Masan High-Tech Materials has been particularly strong in tungsten and copper production. In the third quarter of 2024, the company saw revenue growth, adding VND74 billion (US$2.9 million) compared to the previous quarter. This gradual increase in tungsten and copper revenue reflects growing market demand for these critical minerals.
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Workers work in the advanced tungsten manufacturing plant in Thai Nguyen. Photo courtesy of MHT |
In the first nine months of the year, tungsten revenue grew by 2%, driven by higher selling prices in Q2 and Q3. Copper revenue reached VND670 billion (US$26.4 million) in the same period, boosted by increased sales to domestic customers. As of Sept. 30, the market value of Masan High-Tech Materials’ copper inventory reached nearly US$92 million, creating favorable conditions for continued growth in the final quarter of the fiscal year.
Strategic partnerships driving expansion
The company has also secured strategic cooperation with numerous international partners, creating a competitive advantage in entering global markets. In May, Masan High-Tech Materials completed an agreement with Mitsubishi Materials Corporation (Japan). Mitsubishi Materials acquired 100% of H.C. Starck for US$134.5 million. The deal is expected to be finalized this year and marks an important milestone in Masan High-Tech’s strategy to strengthen its mining capabilities and expand its global presence.
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MHT’s high-purity tungsten production line. Photo courtesy of MHT |
In July, the company signed a memorandum of understanding with Fluorine Korea and Traxys North America LLC to supply acid-grade fluorspar powder to Fluorine Korea’s AHF plant. This agreement guarantees a stable supply of up to 70,000 tons of acid fluorspar per year for the AHF plant, which is expected to be operational by 2026. Traxys North America LLC, the exclusive distributor, will manage international distribution, supporting Masan High-Tech’s commitment to providing a sustainable supply chain.
Adapting to market fluctuations
Masan High-Tech Materials has implemented several strategies to adapt to market fluctuations. Since the beginning of the year, the company has launched the “Fit for Future” strategy to optimize costs and improve production efficiency.
MHT has reviewed and signed cooperation contracts with a number of new mining and blasthole drilling contractors, expecting to reduce costs by 10% compared to previous agreements. These new contractors began providing services in August, and output is expected to increase significantly in Q4 2024, meeting materials demand and strengthening its position in the global mineral market.
Meeting the demand for sustainable materials
A representative from Masan High-Tech Materials explained that demand for advanced materials used in green industries is increasing. This growing demand underscores the urgent need for a safe and sustainable supply of critical minerals—a need Masan is well-positioned to meet.
Currently, Masan High-Tech Materials follows a sustainable development strategy built on a circular economy model, focusing on recycling, developing green products, and aiming for green growth.
“With a commitment to sustainability, focusing on innovation, ESG implementation and green transition, we are ready to make a breakthrough in business, aiming for greater success,” said a representative of MHT.
