Elmet deploys $450M for tungsten supply chain
- The Elmet Group (NASDAQ:ELMT) plans to deploy a committed $450 million U.S. Department of War investment to expand its tungsten supply chain.
- More than $165 million is planned for U.S. facilities, while about $150 million is earmarked for the Springer Tungsten Complex in Nevada.
- Elmet will coordinate the expansion with a DLA stockpile contract worth up to $2 billion, including a $150 million minimum commitment.
The Elmet Group (NASDAQ:ELMT) plans to deploy a committed $450 million U.S. Department of War investment to develop a more vertically integrated tungsten supply chain.
More than $165 million is planned for modernization and capacity expansion at Elmet's existing facilities in Maine, Michigan, and Ohio, supporting defense and industrial tungsten products.
About $150 million is earmarked for the Springer Tungsten Complex in Nevada, including a majority-owned joint venture with Blue Moon Metals and EQ Resources to restart mining and establish ammonium paratungstate conversion.
Elmet is targeting tungsten mine output from Springer in the fourth quarter of 2027, followed by ammonium paratungstate operations during the second half of 2028.
Up to $150 million will also support allied mining partnerships in Australia and Spain as Elmet seeks to diversify the sources feeding its processing operations.
The company is launching Elmet Refining & Trading to coordinate global tungsten sourcing, processing, and supply across its expanded network.
Elmet plans to align the investment program with a Defense Logistics Agency stockpile contract worth up to $2 billion, including a minimum commitment of $150 million.
