Tungsten
Sisson is a large, open-pittable tungsten-molybdenum-copper deposit located near Fredericton, New Brunswick. Zone III in the deposit contains tungsten (usually quoted in the form of the oxide, W03) and molybdenum. Production levels detailed in the Preliminary Economic Assessment competed by Geodex in 2009 would account for approximately 7% of the world's total tungsten supply from Sisson.What is Tungsten used for?
- Metal cutting tools
- Drill bits
- Light bulb filaments
- High temperature alloys
- Military use
- Chemical applications
What is driving Tungsten prices currently?
- Critical metal because of unique properties
- Steady increase in demand due to increasing number of products which use it
- Chinese government policies forbidding the export of mineral concentrates, using export quotas and duties on APT and powders to limit exports
- Chinese domination (75%+) of world wide mine production
- Chinese desire to conserve its resources
- Security and source of supply becoming increasingly important to tungsten buyers
- No new major production has occurred for many years
- Listed as a critical strategic metal by US and European Union
Price & Consumption
- Current Price of Tungsten: US $355-365/mtu for APT, or ammonium paratungstate, a refined form in which the metal is usually bought and sold.
- Largest consumer of tungsten in the world: China, followed by Europe & North America.
- Fastest growth in tungsten consumption: China, followed closely by India
Growth
- Mature markets (Europe & N. America) expected to grow by 2% per annum
- China domestic consumption is expected to continue growing in excess of 10% per annum, driven by increase in requirements for cutting and drilling tools
Source: A Preliminary Market Review of Tungsten, Goodall Business and Resource Management Pt Ltd, January 2008, US Geological Survey, China Minmetals Nonferrous Metals Co., Ltd 2009
For further information the International Tungsten Industry Association website is www.itia.info or CLICK HERE
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