The Elmet Group Co., a US-based supplier of tungsten alloys and strategic mineral products, is acquiring a 4.99% stake in Masan High-Tech Materials Corporation (MSR) at an implied equity valuation of $2.5 billion, according to an announcement.
Masan Group will remain MSR’s controlling shareholder with approximately 87.46% ownership following the transaction.
This transaction is the first step in Masan Group’s strategy of building a long-term partnership between MSR and strategic customers that require a secure supply of tungsten. The group will continue to evaluate similar partnerships across major strategic markets.
Jefferies Singapore Limited acted as the exclusive financial advisor to MSR.
Previously, DealStreetAsia reported that MSR was in discussions with potential strategic and financial investors as its parent company Masan Group considers divesting up to 5% stake, amid global efforts to secure critical mineral supply chains beyond China.
Alongside the equity investment, Elmet and MSR have entered into an eight-year tungsten supply partnership. MSR will supply tungsten products and conversion services from its mining and refining operations in Vietnam, covering about 1,250 tonnes of WO₃-equivalent annually. The agreements are expected to generate about $1.5 billion in aggregate gross revenue for MSR over the initial term, based on prevailing tungsten prices.
The companies will also work to secure additional tungsten concentrate from international mines for processing in Vietnam, targeting demand from the US and other markets.
MSR, which operates the Nui Phao polymetallic mine and a tungsten processing facility in northern Vietnam, reported revenue of about $423 million and net profit of $83 million in the first half of 2026. It expects a full-year revenue of about $1.4 billion and net profit of $233 million.
“The technologies defining this century, including artificial intelligence, semiconductors, and aerospace, cannot exist without tungsten. The world can count on one hand the places that produce and refine it at scale. MSR is one of them. Elmet has spent twelve years inside our supply chain. They know what we have built and what it would take to build again. Their investment speaks for itself. This is the beginning, and we will unlock MSR’s full value for shareholders in Vietnam and beyond,” said Danny Le, Chairman of Masan High-Tech Materials.
In June, Masan Group secured a $750-million underwritten, senior unsecured syndicated loan facility. While Masan has reiterated that MSR remains a core strategic asset, the company said future partnerships will be evaluated based on their ability to create long-term value and contribute more than just capital.
