The importance of critical minerals in today’s global market cannot be overstated. Tungsten, in particular, is a vital metal used in a wide range of applications, from weaponry to industrial machinery. With China currently dominating over 80% of the world’s tungsten supply chain, efforts are being made to diversify and secure alternative sources.
One such effort is taking place at the Sangdong Mine in South Korea, owned by Almonty Industries. Recently, U.S. government researchers visited the mine to assess its potential for increasing tungsten supply outside of China. The mine, set to resume operations this year, has the potential to produce up to 50% of the world’s tungsten supply, making it a key player in reducing dependence on Chinese production.
The U.S. has not commercially mined tungsten since 2015, according to the U.S. Geological Survey. Recognizing the importance of securing critical mineral supply chains, the Biden administration has announced tariffs on tungsten and other critical minerals as part of a broader effort to bolster national security.
As concerns rise over China’s control over critical mineral exports, particularly with recent restrictions on metals like antimony, there is a growing urgency for Western nations to reduce dependence on Chinese supplies. The U.S. Energy Department has already allocated significant grants to support domestic mining and processing of critical minerals, in an effort to enhance national security and economic independence.
At Extreme Investor Network, we understand the significance of critical minerals in the global economy. Stay tuned for more insights and analysis on the latest developments in the finance and resources sectors, and learn how to navigate and capitalize on emerging opportunities in the market. Don’t miss out on our exclusive updates and expert advice – join Extreme Investor Network today!