Near a windswept beach off southern Australia, the Dolphin Mine has long been a bellwether for global conflict. Opened in 1917 for World War I, it shut down in peacetime, then revived for World War II, Korea, and Vietnam. After the Berlin Wall fell in 1990, it closed, seemingly for good.

Now it's reopening. With geopolitical tensions rising, tungsten prices have jumped nearly eight-fold since 2025. Kevin Pallas, executive chairman of owner Group 6 Metals, says the phone hasn't stopped ringing. The mine is sending out shipping containers of tungsten concentrates, each worth about $2 million.

But challenges remain: $16 million in debt due within a year, and extracting ore from flooded tunnels. If all goes well, Pallas hopes to supply 2,000 metric tons annually into the 2030s. Tungsten's extreme hardness and melting point make it vital for armor and drills, with 90% used in civilian applications.