Producer
Masan High-Tech Materials
Vietnamese mining company operating the Nui Phao polymetallic mine in Thai Nguyen Province — the world's largest known tungsten deposit and USGS-ranked 5th globally for fluorspar. Produces 220-250,000 tpa acid-grade fluorspar (97% CaF2), plus tungsten, copper, bismuth, and aluminum fluoride. MOU for 70,000 tpa supply to South Korea's first AHF plant (Fluorine Korea, 2026 startup).
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Fluorspar (Acid-Grade)
45%Tungsten Concentrates & Products
30%Copper & Bismuth
15%Aluminum Fluoride
10%
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Did you know2023
Masan High-Tech Materials produces tungsten concentrates from the same Nui Phao mine that produces acid-grade fluorspar. Tungsten is used in cutting tools and hard metals (industrial manufacturing), kinetic energy penetrator rods for anti-tank ammunition (defense), and tungsten filaments for specialized lamps and electronics. Fluorspar feeds the HF-refrigerant-semiconductor chain. A single Vietnamese mine simultaneously serves industrial manufacturing supply chains (cutting tools), defense procurement (tungsten penetrators), consumer electronics supply chains (semiconductor HF etching), and refrigerant supply chains (HF-based fluorochemicals). These four supply chains are monitored by separate government agencies with no coordinated awareness that they share a common upstream source at a mine operated by a private Vietnamese conglomerate in Thai Nguyen Province.
Masan High-Tech Materials ↗Origin2023
Masan High-Tech Materials operates the Nui Phao polymetallic mine in Thai Nguyen Province, Vietnam -- a mine that simultaneously holds the world's largest known tungsten deposit (by reserve estimate) and USGS-ranked 5th largest known fluorspar reserve globally, plus commercial bismuth and copper. Nui Phao was discovered by a Canadian junior mining company (North Mining Shares Company), brought through feasibility by Tiberon Minerals, acquired by Masan Group (Vietnam's largest private conglomerate) in 2010 for $100M, and commenced production in 2013. The mine produces four strategic materials (tungsten, fluorspar, bismuth, copper) from a single deposit in a Vietnamese mountain range -- a geological accident that positioned a Vietnamese conglomerate at the intersection of the cutting tool supply chain (tungsten), the refrigerant and semiconductor supply chain (fluorspar/HF), and the pharmaceutical supply chain (bismuth). Masan signed an MOU to supply 70,000 tpa of acid-grade fluorspar to South Korea's first domestic anhydrous hydrofluoric acid (AHF) plant (Fluorine Korea, planned 2026 startup), which would reduce South Korea's fluorine supply dependence on China.
Masan High-Tech Materials ↗