Pentagon backs $150M Blue Moon tungsten restart

Key Points:

• The US Department of War is investing $450 million in The Elmet Group, including $150 million for Blue Moon Metals’ Springer tungsten complex in Nevada, to rebuild a domestic supply chain for tungsten, a critical strategic metal.
• The funding includes a $50 million tungsten concentrate prepayment and a $25 million equity investment for Blue Moon, with Elmet contributing $75 million to restart the ammonium paratungstate plant at Springer, plus an additional $25 million reserve.
• The investment supports ELMT’s US manufacturing facilities and aims to expand tungsten production capacity, with Springer mine and mill expected to restart by late 2027 and the APT plant by mid-2028.
• ELMT will launch Elmet Refining and Trading to manage a diversified tungsten supply chain involving partnerships in the US, Australia, Spain, and allied countries, reducing dependence on China.
• ELMT’s subsidiary, Elmet Technologies, secured a US government contract worth up to $2 billion to supply tungsten materials, providing a long-term framework to strengthen the US tungsten supply chain through 2033.