Masan High-Tech Materials Corporation (MHT) announced its agreement with Mitsubishi Materials Corporation (MMC) to acquire all shares of H.C Starck Holding, which was established in May 2024. H.C. Starck Holding is a prominent player in tungsten and its carbides as well as alloys market.
MHT is a key market player, and it manufactures ores and tungsten, which are used for a wide array of applications. Earths Minerals and Gold, which is also in the business of tungsten, copper, lithium and silver exploration, announced an update on the Pilot Mountain Project. The formal announcement was made in March 2024. They were also successful in raising £750,000, which was a strategic move to ensure that their stakes remain intact.
Another key acquisition was the one completed by Sandvik Group in December 2023, wherein Buffalo Tungsten Inwas incorporated into their organization. Post the acquisition the company aimed at expanding its operations in North America. Post-acquisition, Buffalo Tungsten Inwas able to establish itself as a key producer of carbide and tungsten powder in the North American market.
Another pivotal development that came in September 2023 was by Bright Laser Technologies. The focus was on tungsten pastes which are able to enhance the appearance of different metals and their alloys.
To strengthen their foothold in the tungsten trading business, Masan High-Tech Materials Corporation and EQ Resources Limited formed a working relationship in April 2023. The MOU focused on targets wherein investment in the new projects was made a point of discussion along with assessing the viability of dormant tungsten mines.
The plan to explore the rare earth materials in Laos was finalized by Xiamen Tungsten and Chifeng Jilong Gold Mining in September 2022.
Additionally, in July 2022, H.C Starck announced the investment deal, which was in the shape of agreements with Nyobolt that invested around USD 52 million, which are popular for creating tungsten-intensive batteries.
At the beginning of the year, specifically in the month of January, a report about the Plansee Group and its intent to acquire the company Mi-Tech Tungsten Metals, located in Indianapolis, was prepared. Mi-Tech Tungsten is recognized to be among the foremost tungsten materials suppliers in the US and has a workforce of 100 employees.
Kennametal Inc. revealed their most corrosion-resistant tungsten carbide grade which is only used for metal additive manufacture known as, as well as the invention of a new add-on blade in set, the KAR85-AM-K, on September 2021. This product is only sold as an option with the complete wear parts that Kennametal's binder jet 3D printer can make.
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