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Masan subsidiary to buy tungsten business from German firm

By Dat Nguyen   September 17, 2019 | 07:59 pm PT
Masan subsidiary to buy tungsten business from German firm
Employees of Masan Resources work at a mining site. Photo courtesy of Masan Resources.
Masan Resources is set to buy the tungsten business of Germany’s H.C. Starck Group as part of its strategy to go global.

The wholly-owned subsidiary of Masan Group said in a statement Tuesday the deal could "expand its addressable market three and a half fold to $4.6 billion". Total addressable market is a term that is typically used to reference the revenue opportunity available for a product or service.

The deal, whose value has not been revealed, is awaiting Vietnamese government approval, it said.

Masan Resources called the transaction "a strategic step" in executing its vision to become a leading vertically integrated high-tech industrial materials platform in the world as it moves into midstream tungsten products.   

Its midstream tungsten products will be used in various industries such as mechanical engineering, tool making, mining, automobile, energy, aviation, and chemicals.

H.C. Starck (HCS) is a global supplier of rare metals with production hubs in Europe, North America and China.

Masan Resources mines tungsten in the Nui Phao Mine in the northern Thai Nguyen Province. The mine has one of the world’s largest tungsten reserves outside China, an estimated 66 million tons.

A subsidiary of the company recently won a $130-million settlement from an Australian company over a construction deal following international arbitration.

Masan Group, one of Vietnam's largest private companies in terms of market capitalization, has interests in consumer goods, mining and banking.

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