Advance Notice on Convening

CHINA TUNGSTEN EQUIPMENT INDUSTRY FORUM (CTEIF)

China Tungsten Industry Association (CTIA)

Neo Performance Materials Inc. is a near fully integrated Canadian company that processes mixed rare earths concentrates to produce separated individual rare earth elements (REEs) and specialized mixed REEs to produce rare earth metals, alloys, and magnets.

MP Materials (NYSE: MP) announced record quarterly revenues, net income, and adjusted EBITDA due to higher rare earth prices, production, and sales volumes in Q1 of 2022. The company stated that rare earth production in the first quarter of 2022 (10,828 tons) was 10% higher than in Q1 of 2021 (9,849 tons) due to increased production efficiencies resulting from improved ore feed rates and recoveries, as well as slightly longer plant uptime.

Peru's Ministry of Energy and Mines (Minem) said that year-on-year copper, tin, and molybdenum production rose in the first quarter of 2021. However, cumulative production of gold, zinc, silver, lead, and iron declined year-on-year.

American West Metals Limited has discovered additional copper, zinc, and molybdenum in two holes at its West Desert project in Utah. The Company considers the latest phase of its drilling campaign to be significant, highlighting the quality and scale of its operations. The first drill hole was designed to extend the mineralized footprint of the porphyry skarn further east and was designed to build on previous work that produced a series of encouraging results, including a 13.4 metre section at 2.7% copper.

Tungsten West PLC has been forced to halt operations at its Hemerdon project after experiencing significant cost increases this year. Inflation has pushed up the projected cost of electricity at the famed Devon tungsten development by a factor of 2.5, while diesel and ammonium nitrate prices are also rising. The price of ammonium nitrate has quadrupled in the last four months.

High precision turning reduces the cost of the tungsten carbide tool and minimizes setup time. Tungsten carbide tools are often used in the tooling industry as well as in punching, drawing, and extrusion applications. These dies are very wear-resistant and often have complex contours with the highest requirements for shape and surface finish. Because these workpieces are difficult to machine, they have traditionally been formed by grinding with diamond grinding wheels.

Analysis of latest tungsten market from Chinatungsten Online

China’s ferro tungsten and tungsten powder prices continue to be weak on May 12, 2022 with market offers showing slight difference due to different attitudes of participants. 

This week, China’s domestic rare earth price showed a slight upward trend as a whole, mainly due to the difficulty in increasing the supply of rare earth raw materials, the gradual resumption of work and production by downstream companies, and the fact that most industry players are optimistic about the market outlook. According to Chinatungsten Online, the prices of praseodymium neodymium oxide and terbium oxide rose by RMB 55,000/ton and RMB 700/kg respectively this week.

This week, China’s domestic molybdenum price showed a slight downward trend as a whole. Although the spot supply of molybdenum raw materials is not very loose, it is difficult to offset the damage to the entire molybdenum market caused by the decrease in downstream demand and the increase in price pressure sentiment, which is mainly reflected in the confidence of suppliers to stabilize prices. Insufficient and average transaction.