MSR Expands Tungsten Refining Capacity to 12,000 Tonnes, Adds Elmet Contract

Overview

Masan High-Tech Materials (ticker MSR, listed on UPCOM) is expanding its tungsten refining system from roughly 8,000 tonnes per year of APT and tungsten oxide capacity toward 10,000-12,000 tonnes, and will process third-party ore alongside output from the Núi Pháo polymetallic mine in Thái Nguyên. The company disclosed the plan and a long-term processing agreement with US-based Elmet Group at its September investor conference. The move shifts MSR further from a pure miner toward a toll-processing supplier inside the global tungsten chain.

Key Facts

• Existing refining capacity is about 8,000 tonnes per year of APT and tungsten oxide; the target range is 10,000-12,000 tonnes, an increase of roughly 50% at the midpoint.
• Cumulative investment in mining and processing has exceeded USD 700 million, according to company information.
• For 2026, MSR expects to use about 1,300 tonnes of tungsten feedstock from Núi Pháo and to purchase about 5,500 tonnes from external sources.
• The Elmet Group agreement, announced in September, covers about 1,250 tonnes of tungsten per year on a WO3-equivalent basis for more than eight years.
• Refined tungsten production technology was developed from a cooperation platform with H.C. Starck.
• Management said a new entrant typically needs an additional two to three years after building a plant before customers qualify and approve its product.
• MSR closed at VND 65,500 on 19 October 2026.

What Happened

Speaking at the company’s September investor conference, MSR management said the existing refining system handles about 8,000 tonnes per year of ammonium paratungstate (APT) and tungsten oxide. The company now intends to take that system to 10,000-12,000 tonnes and to feed it with ore from multiple countries and territories rather than relying solely on Núi Pháo. The disclosure was made through the company’s investor conference and reported in Vietnamese financial media; the article does not state a specific commissioning date or capital expenditure figure for the expansion.

The strategic pivot is toward toll processing. MSR said it expects to consume only about 1,300 tonnes of Núi Pháo tungsten feedstock in 2026 while buying roughly 5,500 tonnes externally. The Elmet Group contract, announced in September, is the clearest example: MSR will process about 1,250 tonnes of WO3-equivalent tungsten per year for the US partner over more than eight years. Management framed the capability as scarce, noting that even after a plant is built, customer qualification can take another two to three years.

Market Context

MSR trades on UPCOM, the Hanoi-based unlisted public company market, and closed at VND 65,500 on 19 October 2026. The stock sits in the basic resources sector, where Vietnamese mining names have drawn interest as global supply chains for critical minerals diversify away from China. Tungsten is classified as a critical raw material by the US and EU, and Western buyers have been actively seeking non-Chinese refining capacity. MSR’s ability to process ore from multiple origins positions it within that reallocation, although UPCOM’s thinner liquidity means the shares react less mechanically to single announcements than HOSE-listed peers.

Strategic Significance

The thesis rests on MSR becoming a refining platform rather than a mine with an attached plant. Núi Pháo is a finite resource; a qualification-heavy refining system with spare capacity is not. By taking third-party ore, MSR earns processing fees that are not tied to its own reserve depletion, and the Elmet contract gives that model an eight-year revenue anchor with a US customer. The barrier management describes, two to three years of customer approval after construction, is the real moat: miners without refining assets have little choice but to route concentrate through established processors. The main risk is that third-party feedstock supply and contract economics are not disclosed, leaving the margin on toll processing unverified.

What to Watch

• Any company disclosure of capital expenditure and a commissioning timeline for the 10,000-12,000 tonne expansion.
• Elmet Group contract terms, including pricing mechanism and volume ramp, in MSR’s next annual report or filing.
• Quarterly updates on the mix between Núi Pháo feedstock and purchased third-party ore.
• Tungsten price benchmarks, particularly APT quotes in China and Europe, which drive refining spreads.
• Foreign-ownership and shareholder-structure filings, given the strategic nature of tungsten supply to US buyers.