US tungsten maker The Elmet Group Co. will acquire a 4.99% stake in Vietnam's Masan High-Tech Materials Corp. for roughly $125 million, securing over eight years of supply and deepening US access to the critical mineral. The deal values Masan High-Tech at about $2.5 billion. Masan Group will retain controlling ownership of approximately 87.46%. The partnership includes annual volumes equivalent to about 1,250 tons of tungsten material, expected to generate roughly $1.5 billion in gross revenue for the Vietnamese company.

Tungsten has gained strategic importance as the US seeks to secure supplies for defense, aerospace, and advanced manufacturing while reducing reliance on China-dominated supply chains. Last week, the Pentagon announced a $450 million redeemable preferred equity investment in Elmet to expand domestic tungsten capacity. Masan High-Tech is the world's largest producer of midstream and downstream tungsten products outside China.

The companies have collaborated for more than 12 years and will also seek additional tungsten concentrate from international mines for processing in Vietnam. Elmet operates manufacturing facilities in Maine, Michigan, and Ohio. Masan High-Tech's Nui Phao mine, one of the largest tungsten sources outside China, recently announced an expansion that could add 115 million tons of tungsten-polymetallic resources. The investment is expected to close in the first half of October, pending approvals.