Tungsten mine opens in Korea as U.S. seeks non-China critical minerals

From CNBC: 2024-11-28 18:04:51

China is limiting exports of critical metal tungsten, a reversal of past practices. The move comes as U.S.-China tensions rise, boosting demand for non-China tungsten. While prices have not reacted much, increased tariffs and mining projects in South Korea and the U.S. could reshape the tungsten market.

Almonty Industries aims to reopen the Sangdong tungsten mine in South Korea by 2025, reducing reliance on Chinese supply. The project has received financing and support from the local government, offering job opportunities in the region. The U.S. may need to rely on “friendshoring” for tungsten in the future.

The U.S. Geological Survey has identified around 100 sites in 12 states with significant tungsten deposits. A Canadian company is set to acquire a tungsten mine in Idaho, with expectations of production starting soon. The U.S. may see increased domestic tungsten production in the coming years. 1. The stock market reached record highs today, with the S&P 500 closing at an all-time high of 4,352 points. This surge in stocks was driven by strong earnings reports from major tech companies.

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