The Elmet Group Co., a US-based provider of critical materials, announced a long-term strategic relationship with Vietnam's Masan High-Tech Materials Corporation (MSR). Under this agreement, Elmet will acquire a 4.99% equity stake in MSR for $124.75 million. This investment formalizes a commercial relationship that has existed for over 12 years.
In addition to the equity investment, both companies have entered into long-term commercial agreements. MSR will supply Elmet with mined tungsten from its Nui Phao Mine and provide tungsten conversion services from its refining complex in Vietnam. This collaboration aims to increase refining throughput, develop new products, and expand their international customer base. The acquisition of the ownership stake and the commercial agreements are intended to secure long-term access to mined tungsten and conversion capacity for Elmet, while Masan gains a committed downstream industrial partner and additional feedstock for its refinery.
This strategic move by Elmet builds upon a recent $450 million investment from the United States Government, announced on September 14, 2026, aimed at strengthening the US tungsten supply chain. Elmet's CEO, Peter V. Anania, highlighted that the investment in Masan furthers progress toward a resilient tungsten supply chain. Danny Le, Chairman of Masan-High Tech Materials, emphasized that tungsten is critical for technologies like AI, semiconductors, and aerospace, and stated that MSR is one of the few global producers and refiners of the material at scale.
The partnership creates a comprehensive supply chain from ore to finished product, with MSR handling mining, concentration, chemical conversion, and powder production, and Elmet transforming these materials into precision-engineered components for various industries including aerospace, defense, and semiconductors. The deal is expected to close in the third quarter of 2026, subject to regulatory and corporate approvals. Elmet will also receive one seat on MSR’s Board of Directors and support MSR’s planned uplisting to the Ho Chi Minh Stock Exchange.
