With summer coaxing tungsten traders into relaxation, tungsten exploration, development and mining companies are hard at work on their projects.

More recently, Wolf engaged CA Blackwell (Contracts) for a mining services contract valued at GBP85 million (AU$140 million).

Blackwell is expected to commence its work contract at Hemerdon sometime in March 2014. Per the contract agreements, investors can expect work to be completed at the project in two parts.

Phase one of the contract will include mine stripping and development for which the company anticipates an 11-month timeframe.

The second phase of the contract will be undertaking the development of the Hemerdon mine, which should take up to five years to complete once phase one has been finalized.
 

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APT tungsten prices are holding steady at $400 to $410 per metric ton unit (mtu). And with summer coaxing tungsten traders into relaxation, tungsten exploration, development and mining companies are hard at work on their projects.

One of the fastest-moving brownfields projects for tungsten is Wolf Minerals‘ (ASX:WLF6) Hemerdon project in the United Kingdom. The ASX-listed company is working hard at developing the project in order to bring it back online.

In June7, Wolf reported the first drawdown from the US$82-million funding package by Resource Capital Fund. The company also announced the start of a GBP75 million (~AU$123 million) Engineer Procure Construct contract with GR Engineering Services.
 

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China to cultivate high-level professionals for tungsten and rare earth industry in Jiangxi.

Jiangxi government, the Ministry of Industry and Information TechnologyMIIT and the Ministry of Education announced to support and encourage Jiangxi University of Science and Technology to cultivate strategic high-level professionals for tungsten and rare earth industry, according to the press conference held by Jiangxi University of Science and Technology in Nanchang on Jul 16. Luo Sihai, the president of Jiangxi University of Science and Technology introduced.

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Consumers inactive in purchasing tungsten carbide powder.

In the recent days, the tungsten carbide powder market continued to be dull. The raw materials prices keep increasing, and the production cost for tungsten carbide powder factories moves up accordingly.

However, owing to the soft demand, the downstream customers are cautious in making deals, and watch the market for a while. 

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China tungsten concentrate prices stable.

China tungsten concentrate prices are stable this week, and the trading volume is small in the spot market.

Many market participants watch the future market, and are inactive in making deals. A source revealed that the prices for wolframite 55% are at RMB144,000-146,000t USD363-368mtu by cash in the spot market, and some offers are at RMB148,000-150,000t USD3.

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As in any mining story, grade is very important. But tungsten differs from other industrial metals and minerals and can be a tough metal to process.

In fact, it is so specialized that experience with any other metal or material is not transferable.  Therefore, having geologists and a metallurgist who have significant tungsten specific experience is key.

Furthermore, there are primarily two minerals that contain tungsten—wolframite and scheelite—and each requires different milling techniques.
 

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The benchmark for tungsten concentrate is ammonium paratungstate (APT), which is the key intermediate product and most commonly traded tungsten material. The APT benchmark is based on FOB Rotterdam. Tungsten demand is correlated with growth in gross domestic product (GDP). While Europeans' consumption of tungsten is down,

Europe only accounts for 12% of global consumption. China and the U.S. account for 55% and 13%, respectively, and their two economies are doing much better. According to Bloomberg, consensus estimates for growth in GDP for China and the U.S. averages 8.03% and 2.50%, respectively, for 2013, 2014 and 2015.

The consensus estimate for Europe's growth in GDP during the same period is only 1%. Therefore, there is certainly an argument that APT prices are artificially low and should be higher than the current average of $350/metric ton unit ($350/Mtu), which is up 8.5% relative to the end of 2012.
 

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Tungsten ranked second behind rare earths in the British Geological Survey's 2012 supply risk index based on a number of factors like location and tungsten concentration of production and reserves.

But the report highlighted that tungsten (as well as rare earths) has lower recycling and low substitutability. The supply risk for tungsten stems from China's role in the industry.

China accounts for approximately 83% of global tungsten concentrate production and about 62% of global tungsten reserves. China became a significant player in tungsten production in the mid-1980s.

By the late 1990s, it had flooded the global market with tungsten causing concentrate prices to plunge below most western producer's variable cost. As a result, the vast majority of western mines were closed.
 

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Location, processing and capital can make the tungsten market a tough place to be, but dwindling supply and insubstantial production indicate a coming price swing.

In this interview with The Metals Report, Ken Chernin, equity research analyst with Jennings Capital, talks about why investors have ignored tungsten in the past and which companies could be a "tungsten global force."

The Metals Report: Tungsten is used in many applications—to make tools, drill bits, glass bottles, aluminum cans, steel and wire.

Because it has a high melting point and is very dense. It's a very useful metal, but the British Geological Survey called it an endangered substance in a 2012 report.
 

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The Los Santos Project produces tungsten concentrate from scheelite ore. The project is currently the only open pit tungsten mine in operation in the west. The open pit nature of the Los Santos Project helps Almonty control its costs as it allows for greater flexibility in mining and the planning/production process.

Almonty Industries is currently engaged in a 28,000 metre exploration campaign (7,000 metres per year over the next 4 years) with a view to extending the mine life and further delineating the resource at the Los Santos Project.

Underground mining at the Los Santos Project may be an option in the future in order to target the recovery of additional higher grade veins of ore after the open pit mining has recovered all the economically viable ore using this mining process.
 

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