Mentioned:
Tungsten is a highly important metal. And now, China is cutting back their exports of it.
What’s happening:
- The Chinese government has officially announced the restriction of tungsten exports globally
Why it matters:
- Tungsten is one of the most important metals for aerospace and military manufacturing, being used in everything from new satellite production to combat ammunition
By the numbers:
- China produces roughly 80% of all the tungsten supply in the entire world
- The United States of America relies on China for approximately 20% of their tungsten supply
Going deeper:
- China has publicly stated they will restrict the exportation of multiple other critical minerals alongside of tungsten, including tellurium, bismuth, indium and molybdenum
- This is also not the first time that China has begun restricting the exportation of critical metals, with the Chinese government previously completely stopping the exports of both gallium and antimony
The intrigue:
- The United States Department of Defense and the Canadian government recently provided joint funding to Fireweed Metals (TSXV: FWZ) to advance their large scale tungsten project in the Yukon Territory in an effort to solidify more domestic sources of tungsten supply
