US Defense Ban Triggers Global Tungsten Supply Crisis

The Federal government of the United States is implementing strict defense contract restrictions effective January 1, 2027, which will ban any tungsten mined in China, Russia, Iran, or North Korea. This policy shift coincides with a tightening global market as Zimbabwe has banned tungsten ore exports and Vietnam has proposed a similar restriction.

Supply constraints are further exacerbated by China's ban on the Responsible Business Alliance. This move creates a regulatory firewall, as Western downstream producers require RMI certificates that can no longer be issued within China.

In response to these shortages, the Government of the United Kingdom has invested £71 million to restart a domestic tungsten mine. Simultaneously, Almonty Industries is expanding its capacity through a partnership with the government of Rwanda. To provide immediate non-Chinese supply for the Western rearmament cycle, Almonty has contracted Wolfram Bergbau und Hütten AG to process tailings from the Los Santos mine in Spain.