Tungsten prices surge tenfold; Australian miners seize opportunity
Tungsten price surged from under US$300 to over US$3,000 as China restricted exports.
For decades, tungsten was seen as an outdated relic of Cold War arms races. China quietly built control of 80 per cent of the world's tungsten supply.
Export restrictions in early 2025 sent Western prices soaring from under $300 to over $3,000. The metal is used for oil and gas drill bits and defence applications like armour-piercing projectiles.
Australian mining companies that were on the brink of collapse are now flourishing. EQ Resources just completed a $39 million mine expansion with a $1.6 billion valuation.
An analyst set a $4.70 price target for Group 6 Metals shares, suggesting almost 100 per cent upside. Stelar Metals revealed high-grade tungsten surface samples up to 15.7 per cent WO3 on Monday.
Stelar Metals shares jumped 15 per cent in response.
- Around 80 percent
- China's share of supply
- $1.6 billion
- EQ Resources valuation
- $39 million at Mt Carbine, Queensland
- EQ Resources mine expansion cost
Why it mattersAustralian miners gain a timely boost as the West seeks to break China's control of critical mineral supplies.
AustraliaTungsten mining could create new Australian jobs and revenues as the country establishes itself as a Western supplier.
