Elmet Group to acquire 4.99% stake in Masan High-Tech Materials and enter multi-year tungsten supply partnership for U.S. market
On September 24 in Hanoi, Masan High-Tech Materials Corporation (MSR) announced a strategic partnership with Elmet Group Co. (Elmet), a supplier of tungsten alloys and strategic mineral products to major customers in North America. Under the partnership, Elmet will acquire a 4.99% stake in MSR and enter into long-term tungsten purchase and supply agreements.
MSR - a world-leading production facility operating in Vietnam and supplying critical minerals globally
The transaction marks an important step in MSR's journey toward becoming a world-leading, trusted critical-mineral processor while building a “Global Strategic Materials Platform”. With integrated processing capabilities in Vietnam, MSR connects global resources with strategic markets and industries, including semiconductors, aerospace, energy, automotive, specialty alloys, and high-tech manufacturing.
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* Elmet will acquire a 4.99% stake in MSR, implying an equity valuation of USD 2.5 billion based on the transaction value and underpinned by MSR's delivered earnings. The transaction thereby establishes an independent valuation benchmark for MSR from a NASDAQ-listed strategic partner that has been a longstanding partner in the Company's supply chain for more than 12 years.
* The partnership will span more than eight years, with committed volumes of approximately 1,250 metric tons of WO₃ equivalent per year, representing estimated aggregate gross revenue of approximately USD 1.5 billion over the initial cooperation term at prevailing tungsten prices. The long-term volume commitment improves MSR's revenue visibility and helps optimize processing capacity.
* The partnership with Elmet connects global tungsten resources with MSR's reliable, integrated processing capabilities in Vietnam, serving U.S. industrial and high-tech manufacturing supply chains while expanding the Company's network in strategic markets alongside South Korea, Japan, and Europe.
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Nui Phao Plant continuing to deliver process, equipment, and chemical improvements through investment in research and development
Under the transaction, Elmet will acquire a 4.99% stake in MSR from a wholly owned subsidiary of Masan Group, implying an MSR equity valuation of USD 2.5 billion. Following the transaction, Masan Group will remain MSR's controlling shareholder with an ownership interest of approximately 87.46%. The parties aim to complete the transaction in the first half of October, subject to the required conditions and approvals. This is the first step in Masan Group's strategy to build long-term partnerships between MSR and strategic customers seeking secure and stable tungsten supply. Masan Group will continue to evaluate similar partnership opportunities in key markets.
Alongside the equity investment, MSR and Elmet have signed long-term agreements with committed volumes, including approximately 1,250 metric tons of WO₃ equivalent per year, corresponding to estimated aggregate gross revenue of approximately USD 1.5 billion for MSR over the initial cooperation term. Under the agreements, MSR will supply Elmet with tungsten products and conversion services from the Company's integrated mining and refining platform in Vietnam. The parties will also work together to develop additional supplies of tungsten concentrate from international partner mines for processing in Vietnam.
Building on existing partnerships in South Korea, Japan, and Europe, the partnership with Elmet further expands MSR's network in key strategic markets. MSR is currently one of very few tungsten processors trusted by customers in the United States, Japan, South Korea, and Europe.
Tungsten deep-processing plant
MSR previously announced that it was strengthening its “Global Strategic Materials Platform”, with the potential to add 115 million metric tons of polymetallic tungsten resources and expand tungsten oxide production capacity to more than 8,000 metric tons of WO₃ per year.
In the first six months of 2026, MSR recorded revenue of approximately USD 423 million and net profit after tax of approximately USD 83 million. The second quarter alone contributed USD 309 million in revenue and USD 63 million in net profit after tax. MSR also announced its maiden dividend payment totaling VND 1,100 billion (approximately USD 42 million), while expanding tungsten oxide conversion capacity to meet rising demand. MSR expects full-year 2026 revenue of approximately USD 1.4 billion and net profit after tax of approximately USD 233 million.
With long-term committed volumes providing a foundation for stable cash flow, MSR aims to establish a regular dividend policy, creating room for growth while sharing returns with shareholders. At the same time, the Company will continue to implement its announced capital-markets development roadmap, including a plan to transfer its listing to Ho Chi Minh Stock Exchange (HOSE).