NHTCM, now a 100% subsidiary of Masan, was established in 2013 and is a leading producer and global supplier of tungsten chemicals like ammonium paratungstate (APT), blue tungsten oxide (BTO) and yellow tungsten oxide (YTO).

NHTCM processes tungsten concentrate into higher value-added products.

It is a globally recognised brand and supplier to many high-tech industrial manufacturers.

Craig Bradshaw, CEO of Masan Resources Corporation, said: “This acquisition is a critical step in delivering our vision of becoming a fully integrated downstream tungsten chemicals business of global scale and influence.

“It consolidates our ownership of advanced processing technologies.

“Today we are the number one primary TC producer ex-China, with 36 percent of the non-China market, and we have clear operational plans to become the largest producer and supplier of tungsten chemicals globally.”

Dr Karlheinz Reichert, CEO of H.C.Starck GmBH’s tungsten division, said: “The partnership resulted in a robust two-way exchange of business benefits, technology and culture and we will continue our relationship with NPMC as a customer.

Danny Le, head of strategy and development at Masan Group, said: “From a financial perspective, this transaction will enable us to consolidate our cash position by eliminating minority interests.

“This provides MSR better flexibility to pay debts or declare cash dividends to shareholders in the medium term.

“The acquisition is also consistent with the five-year strategy that we have outlined for MSR: developing an integrated business model to generate strong cash flows and profits through commodity cycles.

“In addition, this will better position Masan Resources for strategic partnerships in the near future and pursue an international IPO to unlock shareholder value.” 

Plans are in place to integrate NHTCM with Nui Phao Mining’s operations and cost efficiencies are expected to be realised from the first quarter of 2019 onwards.