Elmet Takes 4.99% Stake in Masan High-Tech Materials (MSR) at $2.5B Valuation

Overview

Elmet Group announced plans on 24 September to acquire a 4.99% stake in Masan High-Tech Materials (UPCoM: MSR) at an implied equity valuation of USD 2.5 billion, alongside commercial agreements running more than eight years. The move coincides with a USD 450 million US commitment to Elmet and a reported JPY 8 billion (over USD 50 million) expansion of tungsten recycling capacity by Mitsubishi Materials in Japan, reshaping the non-Chinese tungsten supply chain.

Key Facts

• Elmet plans to buy 4.99% of MSR, implying an equity valuation of USD 2.5 billion based on transaction value.
• The US committed USD 450 million to Elmet, including restoration of the Springer complex in Nevada.
• Mitsubishi Materials is reported to plan roughly JPY 8 billion (over USD 50 million) to nearly double recycled-tungsten APT capacity at its Akita plant.
• Elmet and MSR signed commercial agreements exceeding eight years, with committed volumes of about 1,250 tonnes of WO3 equivalent per year.
• MSR reported eight-month 2026 revenue of VND 21,013 billion, 5.1x year-on-year and above plan; August 2026 alone reached VND 5,411 billion, 6.3x year-on-year.
• MSR’s tungsten oxide capacity is cited at more than 8,000 tonnes of WO3 per year, supported by a July 2026 cooperation with GB Innovation to process Korean concentrate in Vietnam.
• China accounts for roughly 80% of global tungsten mine output, according to USGS.

What Happened

Elmet Group, a partner that has worked with Masan High-Tech Materials for more than 12 years, disclosed on 24 September a plan to purchase a 4.99% stake in the Vietnamese miner and processor, according to Reuters. The stake corresponds to an equity valuation of USD 2.5 billion at the transaction price. In parallel, the two sides signed commercial agreements spanning more than eight years, with committed volumes of approximately 1,250 tonnes of WO3 equivalent annually.

The announcement sits within a broader reconfiguration of tungsten supply. The United States committed USD 450 million to Elmet, including the restoration of the Springer complex in Nevada, while Mining.com reported that Mitsubishi Materials intends to invest about JPY 8 billion to nearly double APT production from recycled tungsten at its Akita facility. Both projects require multi-year timelines before new capacity comes online, leaving existing operating platforms such as MSR’s Nui Phao mine and Thai Nguyen processing complex as near-term sources of refined tungsten products.

Market Context

MSR trades on UPCoM and closed at VND 60,300 on 2 October 2026. The company sits in the Basic Resources sector, where Vietnamese materials names have drawn attention on the back of global supply-chain diversification away from Chinese processing. MSR’s eight-month 2026 revenue of VND 21,013 billion, 5.1x the prior-year period, reflects both higher tungsten volumes and contributions from MTC, and the company has flagged expansion work at the Nui Phao and Nui Chiem areas, which could add roughly 115 million tonnes of resources. The Elmet transaction, if completed, would mark one of the larger foreign strategic tie-ups involving a UPCoM-listed materials producer.

Strategic Significance

The transaction matters less for the size of the 4.99% stake than for what it locks in: an eight-year offtake relationship with a US-aligned buyer at a time when Western governments are funding alternatives to Chinese tungsten supply. For MSR, the agreements provide demand visibility for its APT and tungsten oxide output while the company expands capacity beyond 8,000 tonnes of WO3 per year and integrates third-party concentrate from Korea. For Elmet, the stake and offtake secure access to an operating non-Chinese processing platform years before its Nevada and Japanese peers reach full capacity. The USD 2.5 billion valuation benchmark also gives the market a reference point for MSR’s equity, which remains thinly traded on UPCoM.

What to Watch

• Completion of the 4.99% stake purchase and any related foreign-ownership or disclosure filings.
• Monthly and quarterly MSR revenue disclosures confirming whether the 5.1x growth pace in eight-month 2026 revenue is sustained.
• Progress on the Nui Phao and Nui Chiem expansion, including resource estimates for the roughly 115 million tonnes cited.
• Timelines for Elmet’s Springer complex in Nevada and Mitsubishi Materials’ Akita capacity, which determine how long MSR’s operating advantage persists.
• Any change in Chinese tungsten export policy or US tariff measures affecting global tungsten prices.