EP 179 | Tungsten – Part 1: Understanding the Price Surge and Global Supply Chain

In this episode of Snowden Optiro's Fresh Thinking podcast, Julian Aldridge, Regional Director – EMEAA, is joined by Melanie Bulley, Senior Consultant, and Laurie Hassall, Principal Consultant, for the first discussion in a two-part series on tungsten.

The discussion examines tungsten from a market and supply chain perspective, with particular attention to the recent rise in APT prices and the factors affecting the availability of tungsten products.

Topics discussed include:

• Ammonium paratungstate (APT), its role as an intermediate tungsten product and its use as a market price reference.
• The relationship between APT prices, tungsten concentrate and mine revenue, including payability considerations.
• China's role in tungsten mine production, concentrate consumption and downstream processing.
• The effects of Chinese export controls, US tariffs and defence procurement restrictions. Tungsten's strategic applications and the challenges associated with substitution.
• Responsible sourcing, conflict minerals requirements and 3TG traceability.
• Processing capacity outside China and its importance in developing non-Chinese tungsten supply chains. The contribution and limitations of tungsten recycling.
• The implications of recent APT price movements for new tungsten projects and long-term price assumptions.

Part 2 will explore the technical aspects of tungsten projects, including deposit types, geology, mineralogy, assaying, metallurgy and Mineral Resource estimation.