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Masan High-Tech Materials Corporation (MSR, a Masan Group company) owns and operates, through 100 %-owned subsidiaries in Thai Nguyen province, Vietnam, the Nui Phao polymetallic mine — described as the largest tungsten mine outside China — and a tungsten processing plant producing APT and tungsten oxide.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 5 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
On completing the sale of H.C. Starck Holding to Mitsubishi Materials (closed 2024-12-18) the company states 'MHT and HCS entered into a long-term, mutually beneficial agreement for the offtake of APT and tungsten oxide, ensuring a strong anchor for MHT's order book' (announced in the 2024-05-30 definitive-agreements release, https://www.prnewswire.com/news-releases/masan-high-tech-materials-group-and-mitsubishi-materials-corporation-group-signed-definitive-agreements-302159101.html). Seller plant = Masan Tungsten chemicals plant, Thai Nguyen, Vietnam (Nui Phao feed). HCS runs production sites in Germany (Goslar), Canada and China, and neither release says which receives the APT/oxide, so the destination is unstated. Earlier evidence, MHT Annual Report 2023 related-party table (https://masanhightechmaterials.com/wp-content/uploads/2024/04/MHT-Annual-Report-2023_EN.pdf), records MTC sale of goods in 2023 to H.C. Starck Tungsten GmbH (Goslar), then an MHT subsidiary; no amount-bearing 2024+ figure found. related_party false since the 2024-12 divestment.
Masan High-Tech Materials Annual Report 2023, related-party transactions table (Business Operation Report pp.40-41): Masan Tungsten LLC (MTC; tungsten chemicals plant, Thai Nguyen, Vietnam, which converts Nui Phao and bought-in concentrate into APT/oxide) records 'MTC's sale of goods 2023' to 'H.C. Starck Canada Inc.' (tungsten powders/recycling site, Sarnia, Ontario, per hcstarck.com locations). Intra-group; value and goods not itemised.
Masan High-Tech Materials Annual Report 2023, related-party transactions table (Business Operation Report pp.40-41): Masan Tungsten LLC (MTC; tungsten chemicals plant, Thai Nguyen, Vietnam, which converts Nui Phao and bought-in concentrate into APT/oxide) records 'MTC's sale of goods 2023' to 'H.C. Starck Tungsten LLC (USA)'. The report does not name a US plant for this entity and hcstarck.com lists no US production site, so the destination is not pinned (may be a sales entity).
US import BoLs, shipper Masan Tungsten LLC (Suoi Cat hamlet, Thai Nguyen, Vietnam; the Nui Phao-fed chemicals plant), consignee ELMET TECHNOLOGIES LLC, 1560 Lisbon St, Lewiston, Maine: BEJBBHN251100184 (arrived 2025-12-28, origin Vietnam, 30,899 kg), BEJBBHN251200070 (2026-01-29, Vietnam, 18,387 kg), SAACAGHPH575939 (2026-07-23, Vietnam, '23 BAGS OF BLUE TUNGSTEN OXIDE HS 28259000', 9,190 kg), TLKPSCSHS2606088 (2026-09-07, 20,512 kg). Forward terms, per the 2026-09-24 release (https://www.businesswire.com/news/home/20260924219797/en/The-Elmet-Group-to-Acquire-4.99-Stake-in-Masan-High-Tech-Materials-and-Enter-Multi-Year-Tungsten-Supply-Partnership-for-the-U.S.-Market): Elmet takes a 4.99 percent MHT stake and an 8-year supply agreement of ~1,250 t/yr WO3-equivalent, ~US$1.5bn over the initial term, effective on closing; the release says the two have traded for 12+ years. The BoLs, not the agreement, evidence the purchases.
US import BoL BEJBBHN251000879, shipper Masan Tungsten LLC (Thai Nguyen, Vietnam), consignee Buffalo Tungsten Inc, origin Vietnam, 'BLUE TUNGSTEN OXIDE', 20,280 kg, arrived 2025-12-02. Buffalo Tungsten makes tungsten powder in Depew, New York. A later BoL (CTYOSGN49988781, 2026-07-27, 10,145 kg) lists China as origin and is not counted here.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
2 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 982 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Long-term APT and tungsten-oxide offtake agreement signed as part of MMC's acquisition of H.C. Starck Holding; no volume or share percentage disclosed.
Press release: 'The Parties will enter into a long-term, win-win APT and tungsten oxide offtake agreement.' No volumes, price or duration disclosed, and the release frames the offtake as an agreement the parties will enter into rather than one shown independently executed with terms; recorded here as the only primary-source statement found of Masan supplying MMC with tungsten products. Masan (Nui Phao, Vietnam) has no dossier in this corpus.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 4 of its 4 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇻🇳 VN accounts for 100% of severity-weighted pressure.