MSR: Failed Australia-US-Canada Bid for Vietnam's Largest Tungsten Mine

Overview

Reuters reported on 14 October that a group of parties from Australia, the United States and Canada attempted to acquire a controlling stake in the tungsten operations of Masan High-Tech Materials (MSR), Vietnam’s largest tungsten producer, during 2025, but the plan did not succeed. The same reporting confirms that US-based Elmet Group separately agreed to buy a 4.99% stake in MSR for USD 124.75 million. The disclosure matters for MSR because it puts a hard third-party valuation on the company’s tungsten platform and confirms Western strategic interest in Vietnamese tungsten supply.

Key Facts

• Reuters published the investigation on 14 October, citing internal European Union documents and two people familiar with the negotiations.
• The 2025 control bid was arranged by EQ Resources, an Australian mining company; the US and Canadian participants were not identified.
• The target was MSR’s tungsten operations, comprising mining and processing assets in Vietnam that EU documents describe as an important supply source for Europe, particularly Germany.
• EQ Resources and MSR had signed a memorandum of understanding in April 2023 covering the Mt Carbine tungsten project in Queensland, Australia.
• In October 2024, EQ Resources signed a scheelite concentrate offtake contract with Elmet Technologies, filed with the US Securities and Exchange Commission.
• On 24 September 2026, Masan announced that Elmet Group would pay USD 124.75 million for a 4.99% stake in MSR.
• Neither EQ Resources nor Masan High-Tech Materials commented to Reuters on the failed control plan.

What Happened

According to Reuters, internal EU documents describe a 2025 plan in which parties from Australia, the United States and Canada sought a controlling stake in the tungsten operations of Masan High-Tech Materials. Two sources familiar with the matter said the effort was arranged by EQ Resources, an Australian mining company; Reuters did not name the US and Canadian participants. The discussions were private, EQ Resources did not respond to a request for comment, and Masan High-Tech Materials declined to comment. The plan ultimately failed.

The reporting notes that the parties were not strangers to MSR’s supply chain. EQ Resources and Masan signed an MoU in April 2023 tied to the Mt Carbine tungsten project in Queensland, covering exploration, mining and processing cooperation. In October 2024, EQ Resources signed a scheelite concentrate sales contract with Elmet Technologies, filed with the SEC, with a side letter requiring Elmet to enter agreements under which Masan Tungsten would buy feedstock, process it and resell the corresponding tungsten oxide to Elmet. Reuters states that no public document shows these commercial arrangements were part of the 2025 control plan. Separately, on 24 September 2026, Masan announced Elmet Group’s USD 124.75 million purchase of a 4.99% MSR stake.

Market Context

MSR trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 62,900 on 13 October 2026. The stock sits in the Basic Resources sector, where Vietnamese tungsten and rare-material names trade with limited liquidity and are sensitive to foreign strategic interest rather than domestic retail flows. The Reuters disclosure arrives as Western governments push to diversify critical-minerals supply chains away from China, a theme that has supported valuations for non-Chinese tungsten producers. The article does not disclose the price at which the failed 2025 control bid was pitched, so no direct comparison with the Elmet transaction valuation is possible.

Strategic Significance

The failed consortium bid and the completed Elmet stake purchase point to the same thesis: MSR’s tungsten chain is a strategic asset for Western buyers seeking supply outside China, and the 4.99% Elmet deal establishes a market-tested valuation for the platform. The 4.99% level is notable because it sits just below the 5% threshold that would trigger additional disclosure and foreign-ownership scrutiny in Vietnam, allowing Elmet to take a meaningful position without a public takeover process. For long-term investors, the key question is whether MSR can convert this strategic interest into firm offtake, processing partnerships or further equity placements at comparable valuations, rather than treating the Reuters report as confirmation of a near-term transaction.

What to Watch

• Any MSR or Masan disclosure on the completed Elmet Group stake purchase, including pricing mechanics and shareholder-register updates.
• Further Reuters or EU documents naming the US and Canadian participants in the failed 2025 control bid.
• MSR quarterly results for tungsten output, realized prices and progress at the Nui Phao mine and processing facilities.
• Foreign-ownership and disclosure filings on UPCOM if any holder crosses the 5% threshold.
• Follow-on agreements between Elmet, EQ Resources and Masan Tungsten covering feedstock, tungsten oxide offtake or new project cooperation.