Masan High-Tech Materials has announced plans to expand its Nui Phao mine and Nui Chiem site in Vietnam, potentially introducing 115 million tonnes of tungsten-polymetallic resources, Bloomberg reported.
This move aims to attract foreign investment and strengthen the company’s presence in the global critical minerals sector.
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According to Masan High-Tech Materials chairman Danny Le, this expansion could extend mining and processing activities for another 20–30 years and bolster the company’s strategic position at a time when non-China tungsten supply is diminishing. This statement was made available through an emailed statement.
Le added: “The expansion of the Nui Phao resources base is aligned with the government’s orientation to develop Vietnam’s mining sector in a modern and sustainable direction, linking resource extraction with deep processing and higher domestic value-added.”
The development comes as Masan Group, the parent company, explores the sale of up to a 5% stake in its mining division to international investors.
The Nui Phao project, spanning 921 hectares, is said to be one of the largest non-China sources of tungsten, a metal that is crucial for various applications ranging from electronics to defence.
This material’s value has surged recently, driven by increased global defence expenditure.
Masan High-Tech Materials is currently negotiating a potential stake sale with investors from Japan, Australia, Europe and the US.
Concurrently, the company is making preparations to move its listing from Vietnam’s Unlisted Public Company Market to the Ho Chi Minh City Stock Exchange, potentially by the first quarter of 2027.
The US Geological Survey revealed that Vietnam was ranked as the world’s second-largest producer of tungsten last year, just behind China, with an estimated production of 3,000t.
