Metals & Mining

Commercial Metals Company expects its TAG Transform, Advance, Grow program to deliver run-rate gross EBITDA benefits exceeding $250 million by the end of fiscal 2026, rising to more than $350 million by the end of fiscal 2027. Launched in 2024, the program spans more than 150 individual projects across the company's business segments and support functions, aimed at optimizing logistics, reducing input consumption, lowering costs and boosting energy efficiency. Backed by the program, CMC expects fiscal 2029 core EBITDA of $1.65 billion to $1.80 billion, a 106% surge at the midpoint from the $837 million delivered in fiscal 2025, with a core EBITDA margin of 15-16%. Separately, Cleveland-Cliffs is investing $1 billion to modernize its Middletown Works facility in Ohio, half of it funded by a $500 million U.S. Department of Energy award, while Carpenter Technology set a fiscal 2029 operating income target of $1.2 billion to $1.3 billion, up from $702 million reported in fiscal 2026. The Zacks Consensus Estimate puts CMC's fiscal 2026 sales at $9.18 billion, up 13.9% year over year, and earnings at $6.62 per share, up 111.5%.

Steel Dynamics expects third-quarter 2026 earnings of $5.34-$5.38 per share, well above the $3.69 it reported in the second quarter and the $2.74 it posted in the year-ago quarter. The company said stronger steel metal margins, record shipments, higher realized selling prices and lower scrap costs are projected to drive the significant sequential improvement in steel operations profitability, with healthy order activity, solid end-market demand and low customer inventories also supporting pricing conditions. Steel fabrication earnings are expected to improve modestly on higher shipments despite narrower metal spreads, and the backlog is nearly 50% above prior-year levels and extends through the first quarter of 2027, supported by demand from commercial construction, data centers, manufacturing and healthcare. Metals recycling earnings are expected to decline sequentially on lower metal spreads and slightly weaker shipments, while aluminum earnings are expected to improve meaningfully on higher shipments as the company advances its Columbus, MS aluminum flat rolled mill, where all three cold mills are operational and the first Continuous Annealing and Solution Heat line is expected to ship commercial material in the fourth quarter. Steel Dynamics has repurchased $261 million, or just under 1% of its common stock, so far in the third quarter, and is scheduled to report third-quarter 2026 results after market close on Oct. 19, 2026.

Pan African Resources PLC reported record gold production of just under 275,000 ounces for its 2026 fiscal year, up about 40% year-on-year, with a second-half annualized run-rate near 290,000 ounces. Revenue rose 114% to $1.1 billion, adjusted EBITDA climbed 169%, and headline earnings surged 207% to $358 million, or $0.1764 per share, as the average US dollar gold price received rose 55% and the group remained unhedged throughout the year. The company ended the year debt-free with $246 million in cash and short-term investments and $79 million in undrawn facilities, after repaying $149 million including $119 million voluntarily. The board proposed a record final dividend of ZAR0.65 per share plus a maiden interim dividend of ZAR0.12, for a total of ZAR0.77 per share, up 108% and worth roughly $113 million, and approved a share buyback of up to ZAR500 million, about $30 million, commencing October 2026. For FY27, the company guided production to 280,000 to just over 300,000 ounces, skewed to the second half, with group capital spending of approximately $330 million.

Steel Dynamics shares closed up 2.99% at $245.35, outpacing the S&P 500's 1.14% gain. The company's upcoming quarterly results are projected to show EPS of $5.87, a 114.23% increase from the prior-year quarter, on revenue of $6.22 billion, up 28.86%. Full-year Zacks Consensus Estimates call for earnings of $18.27 per share and revenue of $23.63 billion, representing year-over-year changes of +128.66% and +30.02%, respectively. Over the past month, the Zacks Consensus EPS estimate has risen 6.95%, and Steel Dynamics currently carries a Zacks Rank of #3 (Hold). The stock trades at a Forward P/E of 13.1, a discount to its industry's average of 14.99, with a PEG ratio of 0.43.

Freeport-McMoRan closed at $70.84, up 2.3% and outpacing the S&P 500's 1.14% gain, as analysts project strong earnings growth for the mining company. The company is expected to report earnings per share of $0.73 for the upcoming quarter, a 46% increase from the same quarter last year, on revenue of $7.07 billion, up 1.4%. For the full year, the Zacks Consensus Estimates anticipate earnings of $2.82 per share and revenue of $28.61 billion, representing growth of 59.32% and 10.4%, respectively. Over the past 30 days, the consensus EPS estimate has risen 1.28%, and Freeport-McMoRan currently holds a Zacks Rank #3 (Hold). The stock trades at a forward P/E ratio of 24.59, slightly above its industry average of 24.39, while its PEG ratio of 0.68 compares favorably with the Mining - Non Ferrous industry average of 0.9.

Allied Gold Corporation said the Kurmuk Mine in Ethiopia has energized its power line to the national grid and fed first ore through the crushing circuit as the project moves toward completing commissioning and transitioning to operations. The 88-kilometre, 132-kV power line and related substations were completed by Ethiopian Electric Power and now supply sufficient power to finish commissioning and advance ramp-up, under a 20-year power purchase agreement at a fixed rate of approximately US$0.04 per kilowatt-hour. Earlier this month first ore was delivered to the commissioned crushing circuit, and the full handover of that circuit from the commissioning team to the operations team is underway, with first ore expected in the grinding circuit in the coming weeks and first gold to follow soon thereafter. Mining continues to advance as planned, with an ore stockpile of approximately one million tonnes established and planned to grow to nearly 1.5 million tonnes, or three months of ore feed ahead of full circuit commissioning, initially from the Dish Mountain and Ashashire open pits. The mine holds 2.7 million ounces of Proven and Probable Mineral Reserves and is expected to produce 240,000 to 270,000 ounces in its first full year and approximately 300,000 ounces the following year, averaging at least 240,000 ounces per year over an initial 15-year mine life.

King Gen Public Company Limited, or KGEN, disclosed that Rayong Wire Industries Public Company Limited, or RWI, has taken a stake in KGEN through a private placement subscription of newly issued ordinary shares worth no more than 250 million baht, at a price of no more than 1.35 baht per share, representing approximately 7.68% of the shares after the capital increase, with total investment of no more than 252 million baht. RWI will also receive the right to subscribe to KGEN-W3 warrants in proportion to its existing shareholding, worth no more than 2 million baht. The maximum transaction size of 24.67% qualifies as a Type 3 transaction, which requires approval from a shareholders' meeting by a vote of no less than three-quarters. An extraordinary shareholders' meeting, the first of 2026, has been scheduled for Thursday, October 22, 2026. Khanit Sivachiraprapha, Chairman of the Advisory Board of KGEN, said the partnership will strengthen the domestic supply chain for automotive parts production, in line with the policy of increasing the use of locally made parts in electric vehicle production under cooperation with the CHERY brand. RWI specialises in the production of cold-drawn steel, which is used to make automotive parts. KGEN has so far produced 20,000 vehicles, with EV production capacity of approximately 5,000 vehicles per month, and expects capacity to rise by another 15,000 to 20,000 vehicles in the final three months of the year, bringing total production for the year to around 40,000 vehicles. Year-end bookings are expected to accelerate on the back of the Motor Expo in December, where two to three new electric vehicle models will be unveiled. The company has also signed an agreement to support a transport fleet for J&T Express, including the use of electric pickup trucks for deliveries of no more than 400 kilometres.

Factorial Energy shares jumped 14.4% in Thursday's trading after the company said it will partner with Japan's Mitsui Kinzoku to accelerate the global scale-up of its Solstice all-solid-state battery platform. Mitsui Kinzoku produces sulfide-based solid electrolytes for all-solid-state batteries and is one of few companies worldwide with foundational technology in this space, Factorial said. The Japanese company also produces ultra-thin copper foil and holds an estimated 90% share of the semiconductor market for that foil. Mitsui Kinzoku Senior Executive Officer Kiyotaka Yasuda said the two companies aim to accelerate the realization of next-generation batteries by combining Mitsui Kinzoku's long-established expertise in materials and manufacturing technologies with Factorial's advanced technological capabilities. Factorial Energy shares began trading on Nasdaq in June following the completion of its business combination with Cartesian Growth Corporation III.

Barrick Mining Corporation shares rose 1.2% to $43.06 in pre-market trading after coverage was initiated with a Buy rating, with the source of that rating not identified in the announcement. The new recommendation coincided with Bernstein lowering its price target for Barrick to $56.50 from $61, a figure that remains above the pre-market share price. Separately, Barrick reported that second-quarter 2026 net earnings increased by approximately 50% compared with the same period a year earlier, though the company did not announce new financial guidance. The moves came as gold prices recovered above $4,300 per ounce after the Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75%–4.00%, its first increase in three years, with policymakers indicating the possibility of another increase before the end of 2026. Major US equity indices also advanced, with the S&P 500 up 0.9%, the Dow Jones up 0.8% and the Nasdaq up 1.1%.

Disclosure filings released after the September 17 market close produced a full slate of positive and negative developments relevant to investment decisions. On the positive side, Apple International raised its ordinary profit forecast for the current fiscal year by 18% and increased its dividend by 5 yen; Choshimaru reversed its current-year ordinary profit outlook to a 21% increase, projecting a record high for the first time in three terms along with a 1 yen dividend hike; Kasumigaseki Capital raised its prior-year ordinary profit forecast by 7%, adding to its record-high projection; and Hobonichi raised its prior-year ordinary profit forecast by 67%. In M&A, Saint Marc Holdings will take over the udon specialty restaurant business Tsurutontan from K Express for 12.8 billion yen, while B-style Holdings will acquire all shares of HR Asocié for 1.21 billion yen, making it a subsidiary. Ferrotec will launch a tender offer for Japan Resistor Manufacturing at 1,901 yen per share, a 49.1% premium to the September 17 closing price, aiming to make it a wholly owned subsidiary, while Nippon Seiki will buy back up to 3.61 million shares, or 6.27% of its outstanding shares, for a maximum of 9.979 billion yen. On the negative side, Chubu Steel Plate reversed its current-year ordinary profit outlook to a 46% decline; PharmaRise Holdings ended the June-August quarter with a 31% drop in ordinary profit; Industrial & Infrastructure Fund Investment Corporation is expected to post a 2% decline in current-year ordinary profit; Advance Residence Investment Corporation a 6% decline; and Ichigo Hotel REIT Investment Corporation an 18% decline.

CHOW Energy Public Company Limited, or CHOW Energy, has announced the continuation of its clean energy partnership with Central Retail Department Store through the development of Solar Rooftop projects for a fifth consecutive year. Cristobal Chin, Chief Executive Officer of CHOW Energy, and Nattheera Boonsri, Chief Executive Officer of Central Retail Department Store, took part in a photo session marking the occasion. The Solar Rooftop projects currently cover Central and Robinson shopping malls, with total installed capacity of more than 7 megawatts. The partnership reflects a growing share of clean energy use, reduced environmental impact, and business momentum along sustainability lines, while supporting long-term ESG goals.

Newmont has resolved uncertainty around its Fourmile project interests involving Barrick Mining, closing a major project question mark. UBS views the clarification of Fourmile ownership and collaboration terms as a meaningful shift in Newmont's long term project pipeline, and argues the agreement is not yet fully reflected in how the market prices Newmont's future prospects. Newmont is a US based gold producer with a reported market value of about $130.0b, so decisions on projects like Fourmile can influence a sizeable portion of the global listed metals and mining universe. The Fourmile resolution leans into the bullish side of the Newmont Narrative, giving the company clearer exposure to a high quality Nevada resource base alongside Nevada Gold Mines and expansion projects such as Ahafo North and Tanami. The bear case is not cleared away, as bringing Fourmile and related properties into the joint venture adds execution and capital allocation questions similar to the Newcrest integration, especially with competitors like Barrick and Agnico Eagle chasing the same high quality ounces.

American Battery Technology reported fiscal-year non-GAAP earnings of $1.70 per share and revenue of $21.7 million, according to the company's press release. The results were issued as part of the company's earnings disclosure. No further financial detail was provided in the release.

Pan American Silver Corp. reported estimated mineral reserves and mineral resources as at June 30, 2026, with proven and probable mineral reserves estimated to contain approximately 511.1 million ounces of silver and 6.3 million ounces of gold. Measured and indicated mineral resources, excluding proven and probable reserves, are estimated to total approximately 1,126.7 million ounces of silver and 7.5 million ounces of gold, while inferred mineral resources are estimated at approximately 437.0 million ounces of silver and 7.2 million ounces of gold. The figures include Pan American's 44% attributable share of the Juanicipio mineral reserves and mineral resources following the completion of its acquisition of MAG Silver Corp. on September 4, 2025. President and CEO Michael Steinmann said the company replaced over 100% of the silver extracted, with exploration success at La Colorada, Jacobina and Timmins, and noted that La Colorada added 3.5 million ounces of contained silver to proven and probable reserves net of depletion. As of August 31, 2026, Pan American had completed 351,000 metres of drilling toward a planned total of over 500,000 metres for calendar 2026, focused on near-mine exploration for reserve replacement.

Wesdome Gold Mines Ltd. reported that drill hole SH-26-001 at its wholly-owned Kiena mine near Val-d'Or, Quebec, intersected 3.1 g/t Au uncapped over 106.5 metres core length, or 2.6 g/t Au capped, at the Shawkey 10 target. The hole, a follow-up to S-21-831 which intersected 2.3 g/t Au over 72.0 metres in 2021, approximately doubles the grade thickness of that previous intersection and expanded the interpreted thickness of the diorite host rock from approximately 80 metres to more than 200 metres, with mineralization throughout. The broad interval included 20.4 g/t Au uncapped over 10.8 metres, 5.6 g/t Au over 6.2 metres and 3.1 g/t Au over 9.2 metres, and at depth the hole also cut a broad zone of 250 metres of mineralization hosting another eight intercepts grading over 1.0 g/t Au, including 1.6 g/t Au over 23.4 metres from 914 metres. President and Chief Executive Officer Anthea Bath said the results provide further evidence of the scale and breadth of the Kiena system and a meaningful step forward in understanding what the Kiena East corridor, currently comprising the Shawkey 10, Shawkey Mine, 134 and Dubuisson zones, could become. To date, a total of 102 surface drill holes, including SH-26-001, have been completed at Shawkey 10 for a total of 25,725 metres, and the company said Shawkey 10 remains open down-plunge and along strike as a high-priority growth target.

Worthington Enterprises shares jumped more than 10% Wednesday morning, holding a 10.1% gain as of 12:37 p.m. ET, after the company signaled it will further define its business segments for investors at an Investor and Analyst Day on Nov. 10. The company, which changed its name from Worthington Industries nearly three years ago after spinning off Worthington Steel, has not held an investor day since that change. Worthington wants investors to know it has a sharp focus on high-demand construction, heating, and cooling products, including demand from data center construction, making it an under-the-radar data center play for some investors. Double-digit sales growth in its most recent quarter was propelled by demand from contractor end-users and varied distribution channels, bolstered by a predominantly domestic manufacturing presence. Water tanks used for liquid cooling in data centers, where momentum continues to build, will now be grouped under Worthington's Building Performance Solutions business segment, while the newly named Trade & Specialty Solutions group will focus more on general construction products.

Vallourec has secured the entire carbon-steel line pipe and external coating scope for Petrobras's Sepia 2 offshore development in Brazil's Santos Basin, covering roughly 130 kilometers of rigid risers and flowlines. The contract, awarded by Subsea7, represents more than 15,000 tonnes of carbon-steel seamless line pipe designed for highly corrosive environments, with Vallourec also applying thermal insulation coating through one integrated offer. Vallourec shares rose around 6% on the announcement. The pipes will be manufactured at Vallourec's Jeceaba plant in Minas Gerais, while the thermal insulation coating will be applied at its Serra facility in Espírito Santo. Sepia 2 sits around 280 kilometers off the Brazilian coast in ultra-deep water, with 15 wells connected to a new floating production, storage and offloading vessel at depths of roughly 2,170 meters. No financial value was disclosed, but the order adds to recent offshore wins including Petrobras-linked projects at Atapu and Búzios, and follows a 2025 agreement with Petrobras that could generate up to $1 billion of revenue from offshore OCTG products and services between 2026 and 2029.

Beyond Securities, acting as the independent financial advisor to STP & I, or STPI, sees the plan to raise funds by allocating newly issued ordinary shares to specific persons, a private placement, as a connected transaction that is reasonable and benefits the company and shareholders as a whole, and believes shareholders should approve the transaction. STPI plans to issue and offer up to 225,897,120 new shares in total, split between a rights offering to existing shareholders of no more than 164,752,035 shares at a ratio of 11 existing shares to 1 new share at an offering price of 5.55 baht per share, worth about 914.37 million baht, and a private placement of no more than 61,145,085 new shares at the same price, worth about 339.36 million baht, for total fundraising of up to about 1,253.73 million baht. The private placement shares will be offered to Masthawin Charnvirakul, a director and managing director of STPI, who is a connected person. If existing shareholders exercise their rights offering in full, after the private placement allocation Masthawin will hold 61,145,085 STPI shares, or about 3% of all shares issued and outstanding after the capital increase. On the use of proceeds, the company plans to use about 900 million baht as part of its investment in a data center project and about 353 million baht to invest in and develop renewable energy projects, including a solar power plant project, with spending scheduled for 2026 to 2028. The 900-million-baht data center project is only part of the equity investment, with the STPI group expected to be responsible for its 26% proportionate share, totaling about 2,135.18 million baht, while the remaining roughly 1,235.18 million baht is expected to be raised from other funding sources under the project's investment plan. Of the roughly 353 million baht earmarked for renewable energy, the company expects to use about 256.94 million baht for the solar power plant project through Daisy Drive, comprising about 1.50 million baht for share purchases and about 255.44 million baht in investment for its 60% proportionate stake, while the remaining roughly 96.06 million baht will support other renewable energy projects in the future. On price fairness, the independent financial advisor assessed STPI's fair value at 4.63 to 6.50 baht per share using three appropriate valuation methods, while the capital increase offering price of 5.55 baht per share falls within that fair value range, and therefore views the offering price as fair. The 5.55-baht price is also about 9.35% below the reference market price of 6.12 baht per share. STPI plans to submit the agenda item to an extraordinary general meeting of shareholders, the first of 2026, on October 1, 2026. If approved, the private placement transaction must be completed within no more than three months from the date of the shareholders' resolution, or by December 31, 2026.

Rio Tinto Group has signed a co-designed project agreement with the Nyangumarta Warrarn Aboriginal Corporation for the proposed Winu copper gold mine in Western Australia. The miner also entered an Interim Modernised Agreement with the Ngarlawangga Aboriginal Corporation that updates earlier terms for its activities on Ngarlawangga country, tightening its social licence on two fronts and setting clearer processes for co-management of cultural heritage, environmental impacts and mine life planning. Separately, Rio Tinto has begun a joint development partnership with Graphene Manufacturing Group to pursue advanced graphene battery technology for potential commercial use, an effort still at the research and development stage. The next test for that battery work is whether GCELL data and trials at the Battery Innovation Center convert into defined commercial pilots, with a clear marker being Rio Tinto committing to a first targeted use case and timeline for deployment in its own operations or with customers. Rio Tinto Group is a £122.0 billion metals and mining business.

Pan African Resources PLC has reported a record year, with gold production up almost 40%, earnings nearly tripled, and a proposed record final dividend. European Green Transition PLC called its first half a transformational period after completing its Wind Services acquisition, with its repowering orderbook now representing a potential £126 million opportunity. Helix Exploration PLC has spudded the Ollie #1 well at its Rudyard helium field in Montana, targeting the same formations that have already produced commercial-grade helium nearby. Rockfire Resources PLC recorded its highest-ever silver reading at the Molaoi deposit in Greece, with one zone returning nearly 560 grams per tonne, a record for the project. ATOME PLC has secured options over more than 4,000 hectares in Paraguay for its planned solar plant and opened a new front in Brazil exploring a second green fertiliser project, while Quadrise PLC said partner Valkor Technologies has begun drilling two new pilot wells at its Asphalt Ridge project in Utah, with an eight-well programme set to follow targeting around 1,000 barrels a day in 2027.

Great Western Mining Corporation PLC announced highly encouraging initial metallurgical results from bench-scale flotation test work on run-of-mine material from its Defender Tungsten Project in Nevada, USA. Testing recovered 92.98% of the tungsten from pre-treated material into a rougher concentrate grading 7.21% WO3, compared with a starting bulk sample grade of 0.35% WO3. The work was carried out by Eriez Flotation Division of Pennsylvania on a 750 kg representative bulk sample collected across approximately 1 km of strike between the Defender Mine in the east and the Dough God and Pine Crow mines in the west. An initial sulphide flotation stage removed sulphide contaminants into a float stream representing just 3.97% of total mass while retaining 99.46% of the tungsten, after which the primary recovery stage pulled only 4.55% of total mass while recovering 92.98% of the remaining tungsten. CEO Ed Loye called the results an excellent early milestone, noting very low levels of deleterious elements such as molybdenum, and said the clean, low-volume rougher concentrate will serve as feed for cleaner circuit optimisation tests aimed at reaching potential marketable product specifications.

Vallourec has been awarded a major contract by Subsea7 to supply carbon steel seamless line pipe and thermal insulation coating for the Sepia 2 project, developed by Petrobras in the pre-salt Santos Basin offshore Brazil. The award follows the EPCI contract Subsea7 recently secured from Petrobras for Sepia 2, and Vallourec has taken the project's entire carbon steel line pipe and external coating supply scope through a single integrated offer. Under the contract, Vallourec will supply approximately 130 kilometers of rigid risers and flowlines, representing more than 15,000 tons of sour service carbon steel line pipe. The pipes will be produced at Vallourec's Jeceaba mill in Minas Gerais, Brazil, with the thermal insulation coating applied at the Vallourec Coating Solutions plant in Serra, Espírito Santo. The Sepia 2 project sits in ultra-deep waters of the Santos Basin roughly 280 kilometers from the Brazilian coast and is developed by a consortium led by Petrobras, comprising 15 wells and an export pipeline connected to a new Floating Production Storage and Offloading vessel to be installed at a water depth of approximately 2,170 meters. Vallourec Chairman and Chief Executive Officer Philippe Guillemot said the contract illustrates the strength of the group's integrated offering and confirms its position as a partner of choice for demanding pre-salt developments.

Nippon Steel announced on the 16th that it will invest approximately 900 million euros, or about 161 billion yen, in building an electric arc furnace and other facilities at its steel plant in Kosice, Slovakia. The company will install an electric furnace and an oxygen plant at the steelworks of US Steel Kosice, a subsidiary of US Steel. The electric furnace will have an annual production capacity of about 1.6 million tons and is scheduled to begin operation in 2030, while the oxygen plant is slated to start up in 2029. For this investment, a subsidy agreement has been signed with the Slovak government, and a total of 350 million euros in subsidies will be provided from the European Union's Modernisation Fund through the Slovak government. USSK became a direct subsidiary of Nippon Steel as of October 1 and will change its name to Nippon Steel Slovakia.

*ST Bagang's private share placement application has been accepted by the Shanghai Stock Exchange. The offering is expected to raise 1.5 billion yuan, with Zhongtai Securities and Huabao Securities serving as sponsors. The news was disclosed on September 15.

Salzgitter Flachstahl, a subsidiary of German steel manufacturer Salzgitter, and renewable energy company Zelestra have signed a hybrid solar-plus-battery storage power purchase agreement in Germany. The long-term contract supplies green electricity for low-carbon steel production and is backed by two new hybrid facilities that together provide 147MW of solar capacity and 79MW/237MW-hours of battery storage. The two plants, to be located in Brandenburg and Thuringia, will be constructed, owned and operated by Zelestra, while Salzgitter Flachstahl will acquire the solar electricity generated, amounting to 158GW-hours annually, and will control the operation of the battery storage systems. The batteries will be charged solely from surplus solar generation, ensuring the electricity supplied is entirely renewable. The deal marks the first hybrid solar-plus-storage PPA in Germany for both companies and the first time Salzgitter Flachstahl will control a battery storage system, with Zelestra Germany CEO Mathias Künick calling it the largest hybrid deal in Germany to date.

Tungsten West has announced plans to restart operations at the Hemerdon mine in Devon, England, with full-scale production targeted for the first quarter of 2027. The company is installing six TOMRA Mining XRT ore sorters equipped with OBTAIN Deep Learning technology as part of a redesigned processing plant at the mine, which was shut down in 2018 and acquired in 2019. The six sorters, split between COM Tertiary XRT and COM XRT 2.0 units to handle material fractions ranging from 10mm to 80mm, are scheduled for installation completion in the fourth quarter of 2026. Approximately 30% of the processed material, containing mineralised tungsten, will be sent for further concentration and tin recovery, while the remaining 70% will be made available as a by-product aggregate for the construction industry. The Hemerdon project is set to provide a substantial source of tungsten for European markets outside China, whose roughly 80% share of global tungsten concentrate production faces export restrictions and reduced domestic output, and Hemerdon's reserves could contribute around 4.1% of global production. Last month, the UK's National Wealth Fund announced an investment of up to $95.74m (£71m) in Tungsten West to support the restart.