Tungsten West

What Tungsten West does

Tungsten West plc is a UK-based mining development company whose sole material asset is the Hemerdon tungsten and tin mine in South Devon, acquired out of receivership in 2019. The mine — previously operated from 2015 to 2018 under prior owners — has one of the world's largest tungsten resources and retains a partially developed open pit, a complete processing plant, and supporting infrastructure representing over £200 million of historical investment. The company is pre-revenue, targeting first-phase production restart in Q3 2026 with commissioning of upgraded facilities in Q1 2027. Tungsten West is incorporated in England, listed on the London Stock Exchange's AIM market under ticker TUN since October 2021, and headquartered at the Hemerdon site near Plymouth with a corporate/financial office in London.

The company's core products are tungsten concentrate (WO₃), tin concentrate produced as a co-product, and secondary aggregates sold to the construction industry. Planned primary-mining output is approximately 331,000 MTU of tungsten and 462 tonnes of tin per year over an initial ~11-year primary mine life (total life of mine ~18.5 years including stockpile and aggregate phases), positioning Tungsten West to supply roughly 20% of global primary tungsten output outside China. Processing relies on a re-optimised gravity circuit that reduces downstream volumes and lowers carbon footprint, with ore-concentration equipment supplied by Gekko Systems (Australia) and EPC services by Duo Group.

The business model is direct commodity sales through offtake agreements with industrial, defence, aerospace, electronics, and — emerging — fusion-energy buyers; secondary aggregates are sold to UK construction customers. The company has signed two supply agreements and is securing US offtake contracts as a condition of up to $95 million of EXIM Bank financing. Revenue is not yet generated; capital to date has come from the 2021 IPO (£36m), a 2023 open offer, £2.8m of 2025 convertible securities, a £44.37m oversubscribed placing/subscription/retail offer in February 2026, and a $25m bridge loan from substantial shareholder Gregory Coffey in May 2026.

Name

Tungsten West

Legal name

Tungsten West plc

Website

https://tungstenwest.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Tungsten Concentrate Sales: Sale of tungsten concentrates (WO₃) produced from the Hemerdon mine. Expected to produce approximately 331,000 MTU of tungsten annually, representing approximately 20% of global primary tungsten supply outside China.
2. Tin Concentrate Sales: Sale of tin as a co-product. Expected to produce approximately 462 tonnes of tin annually as part of the primary mining operations.
3. Secondary Aggregate Sales: Sale of high-quality secondary aggregate materials produced from mine waste by-products. Secondary aggregates produce approximately 25% of the carbon footprint of primary aggregates, providing an environmentally sustainable product for the construction industry.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

Tungsten West plc is a mining development company focused on restarting the Hemerdon tungsten and tin mine in South Devon, UK. It produces tungsten concentrate (approximately 331,000 MTU of WO₃ annually), tin concentrate (approximately 462 tonnes annually as a co-product), and secondary aggregate materials from mine waste by-products sold to the construction industry.

Product overview

Tungsten West operates as a mining development company with a single primary focus: restarting the Hemerdon tungsten and tin mine in Devon, UK. The company's product portfolio consists of three main offerings — tungsten concentrate (the primary product), tin concentrate (a valuable co-product extracted during processing), and secondary aggregate materials (a sustainable by-product sold to the construction industry). The mining operation utilizes ore processing systems supplied by Gekko Systems and engineering, procurement and construction services from Duo Group. The mine has an initial primary mine life of approximately 11 years with expected average annual production of 331,000 MTU of tungsten (WO₃) and 462 tonnes of tin.

Differentiator

Problem solved

Functional benefit

Products and services

• Tungsten Concentrate Primary tungsten concentrate (WO₃) produced from the Hemerdon Mine processing operations, targeting average annual production of approximately 331,000 MTU of tungsten during the primary mining period. Sold via offtake agreements to industrial manufacturers across automotive, aerospace, defense, electronics, energy generation, and industrial equipment sectors.
• Tin Concentrate Tin concentrate co-produced during tungsten extraction at the Hemerdon Mine, with expected annual output of approximately 462 tonnes during the primary mining period. Sold as a co-product to industrial buyers.
• Secondary Aggregate Materials High-quality secondary aggregate materials produced as a by-product of mining operations at Hemerdon Mine, with approximately 25% of the carbon footprint of primary aggregates. Sold nationwide to the UK construction industry as a sustainable construction material.

Quantifiable outcome

• Expected to supply approximately 20% of global primary tungsten output outside China
• +5 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• Hargreaves ServicesminorStrategic or Co-development Partner · 8 April 2026Mining services contract termination agreement. Hargreaves Services will receive £10 million in total cash inflows including £3 million final installment from 2019 sale and £7 million compensation fee for early termination of Mining Services Contract. Effective no later than May 15, 2027.
• Duo GroupcoreImplementation/ SI/ Consulting Partner · 16 February 2026Engineering procurement and construction services for the Hemerdon mine restart. Duo Group contracted for construction works supporting the mine's return to production.
• Gekko Systems (Australia)coreTechnology or Integration · 16 February 2026Processing equipment supplier for the Hemerdon mine. Australia's Gekko Systems providing processing equipment for the tungsten and tin concentration operations.
• Oxford SigmacoreStrategic or Co-development Partner · 6 July 2023Strategic collaboration to explore and establish critical supply pathway for tungsten for fusion energy deployment. Oxford Sigma is a fusion technology company developing fusion materials and fusion in-vessel components. Tungsten is required for radiation shielding and plasma-facing components within fusion energy devices.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Peers

• China Molybdenum Co., Ltd. (CMOC):

Direct peers

• Almonty Industries: Almonty Industries is a tungsten mining developer and producer operating the Sangdong mine in South Korea and the Panasqueira mine in Portugal, with the Sangdong project targeting ~50% of non-China primary tungsten supply. It is the closest publicly listed tungsten pure-play comparable to Tungsten West given its similar business model, ex-China strategic positioning, and focus on Western supply security.
• Elementos Limited: Elementos is an ASX-listed tungsten and tin developer advancing the Oropesa project in Spain. Similar to Tungsten West, it is developing a tungsten-tin asset in a stable Western jurisdiction with strategic alignment to ex-China supply diversification.
• First Tin Plc: First Tin is an AIM-listed tin developer advancing the Taronga and Gottesberg projects in Australia and Germany. It is a relevant peer given the tin co-product angle and AIM listing, though its primary focus is tin rather than tungsten.
• Cornish Metals: Cornish Metals is an AIM-listed developer of the South Crofty tin mine in Cornwall, UK. Comparable to Tungsten West as a UK-based junior mining developer focused on restarting a historically producing tin asset in a stable Western jurisdiction.

Emerging players

• W Resources Plc: W Resources is a small AIM-listed tungsten and gold developer with assets in Spain and Portugal. It is a smaller-scale emerging peer in the European tungsten development space with overlapping end-market exposure but materially smaller resource base than Tungsten West.

Broad incumbents

• Masan High-Tech Materials: Masan High-Tech Materials is one of the world's largest tungsten producers, operating the Nui Phao mine in Vietnam and downstream processing. It is a broader incumbent comparable given scale and integrated tungsten production, though geographically Asia-based versus Tungsten West's UK focus.
• HC Starck Tungsten (Masan): HC Starck is a global tungsten powder and components producer acquired by Masan, with downstream tungsten products across automotive, electronics and industrial markets. It represents the downstream processing layer of the tungsten value chain that Tungsten West's concentrate output feeds into.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/tungstenwest
• Facebookfacebook.com/Tungsten-West-Limited
• LinkedInlinkedin.com/company/tungsten-west-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds7 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tungsten West