What Masan High-Tech Materials does

Masan High-Tech Materials Corporation (HNX: MSR) is a Vietnam-based, publicly listed integrated producer of critical minerals — primarily tungsten, fluorspar, bismuth, and copper — operating the Nui Phao polymetallic mine in Thai Nguyen province, the world's largest tungsten mine outside China. Through core subsidiaries Nui Phao Mining Company (mine-to-concentrate) and Masan Tungsten Company (tungsten chemical processing), the company runs an on-site, vertically integrated platform covering crushing, grinding, thickening, flotation, leaching, and gravity recovery, with APT, AMT, tungstic acid, tungsten oxides, and sodium tungstate produced as higher-value intermediates and chemicals. Tungsten recovery has been upgraded to 67% and historical H.C. Starck recycling operations recycled amounts of tungsten comparable to annual Nui Phao mine output, supporting circular-economy positioning. Certification as a High-Tech Enterprise (2025–2029) by Vietnam's Ministry of Science and Technology and RMAP conformant status under the Responsible Minerals Initiative support ESG credentials for Western customers.

The company monetizes this asset base through direct enterprise sales of commodities and chemicals priced off global market indices (notably APT, which has surged to over USD 3,100/mtu as of February 2026). Approximately 24% of Nui Phao output is shipped to major markets including the US, Canada, and Japan, with global distribution executed from Quang Ninh Port and a third-party tungsten concentrate toll-processing service into Vietnam-based APT/oxide capacity. End-markets served include defense, automotive, aviation, mining, electronics, energy, and pharmaceuticals. FY2021 net revenue was 13,564 billion VND, and FY2026 revenue is projected at 16–20.3 trillion VND (USD ~650–820 million), more than doubling year-over-year amid a 10x APT price spike, with FY2026 net profit projected at up to 2.5 trillion VND versus losses above 1.5 trillion VND in 2023–2024. Masan Group Corporation is the controlling parent, with Mitsubishi Materials Corporation holding ~10% following a USD 90 million investment in 2020 (subsequently deepened via the December 2024 sale of H.C. Starck to Mitsubishi for over USD 200 million in cash). The company is preparing migration from UPCoM to the Ho Chi Minh Stock Exchange by Q1 2027.

Name

Masan High-Tech Materials

Legal name

Masan High-Tech Materials Corporation

Website

https://masanhightechmaterials.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Masan High-Tech Materials is a Vietnam-based, publicly listed integrated producer of critical minerals — tungsten, fluorspar, bismuth, and copper — operating the world's largest tungsten mine outside China at Nui Phao and supplying industrial customers in defense, automotive, aviation, electronics, energy, and pharmaceuticals globally.

Ownership category

akta.pro rank

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Tungsten Products: Revenue from tungsten concentrate, tungsten intermediates (APT, YTO, BTO, ST), and tungsten chemicals (ammonium paratungstate, ammonium metatungstate, tungsten oxides) used in catalysts, metallurgy, and advanced materials production.
2. Fluorspar Products: Revenue from acid grade, ceramic grade, and metallurgical grade fluorspar used in hydrofluoric acid production, steelmaking, aluminum production, glass and ceramic manufacturing.
3. Bismuth Products: Revenue from bismuth for pharmaceutical applications (radiation protection, medicines for nausea, indigestion, ulcer diseases), cosmetics, paints, electrical components, and low-melting point alloys.
4. Copper Products: Revenue from refined copper and copper concentrates used in electrical cables, wiring, construction, plumbing, and agriculture applications.
5. Tungsten Processing Services: Revenue from processing third-party tungsten concentrate into higher-value tungsten chemicals like ammonium paratungstate and tungsten oxide at the Vietnam facility, positioning MSR as a key midstream processor in the global tungsten supply chain.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Masan High-Tech Materials operates an integrated tungsten, fluorspar, bismuth, and copper mining and processing platform anchored by the Nui Phao polymetallic mine in Thai Nguyen, Vietnam. The company produces tungsten concentrates, tungsten intermediates (APT, YTO, BTO, sodium tungstate), high-performance tungsten chemicals (AMT, tungstic acid, tungsten oxides), acid/ceramic/metallurgical grade fluorspar, bismuth, and copper concentrates for industrial customers globally.

Product overview

Masan High-Tech Materials operates as an integrated mining and advanced materials processing company with a portfolio of critical mineral products. The core offering centers on tungsten (raw materials procurement, intermediates, and chemicals), supplemented by fluorspar, bismuth, and copper. Two principal subsidiaries manage operations: Nui Phao Mining Company operates the polymetallic mine producing ore concentrates, while Masan Tungsten Company processes these concentrates into higher-value tungsten intermediates (APT, YTO, BTO, Sodium Tungstate) and tungsten chemicals (catalysts, specialty compounds) for aerospace, automotive, electronics, energy, medical, and defense industries globally.

Differentiator

Problem solved

Functional benefit

Products and services

• Tungsten Intermediates Tungsten intermediate chemicals including Ammonium Paratungstate (APT), Yellow Tungsten Oxide (YTO), Blue Tungsten Oxide (BTO), and Sodium Tungstate (ST). These are precursors for tungsten metal, carbides, catalysts, and pigment production, sold to industrial buyers in metallurgy and advanced materials sectors.
• Tungsten Chemicals High-performance tungsten chemicals including Ammonium Paratungstate (APT), Ammonium Metatungstate (AMT), Tungstic Acid, Blue Tungsten Oxide, Yellow Tungsten Oxide, and Sodium Tungstate used in catalysts (DeNOx, hydrocracking), metallurgy, and advanced materials applications.
• Tungsten Raw Materials Procurement Procurement of tungsten ore concentrate (Scheelite, Wolframite), Tungstates (Calcium Tungstate, Sodium Tungstate), and secondary tungsten materials/scrap. Sourced from the Nui Phao mine and external suppliers globally for downstream processing into tungsten chemicals.
• Fluorspar Industrial mineral (CaF2) used in production of Hydrofluoric Acid (HF) for fluorine chemicals and Aluminium Fluoride (AlF3) for aluminium electrolysis. Available in acid grade (97%+), ceramic grade (85-96%), and metallurgical grade (60-84%) for steel, aluminum, glass, ceramics, and NF3 applications.
• Bismuth Minor metal with pharmaceutical applications (radiation protection, nausea/indigestion/ulcer treatments), cosmetics (pigments), industrial applications (paints, electrical components, catalysts, low-melting alloys), and environmental uses (lead substitute, X-ray shielding).
• Copper Industrial metal with exceptional thermal and electrical conductivity, used in electrical cables/wiring, construction (piping, roofing), and agriculture (fungicide, soil enrichment). Produces brass when alloyed with zinc.
• Tungsten Processing Services Third-party tungsten concentrate processing service that converts externally sourced tungsten raw materials into higher-value tungsten chemicals such as ammonium paratungstate and tungsten oxide at MSR's Vietnam facility, positioning the company as a key midstream processor in the global tungsten supply chain outside China.

Quantifiable outcome

• 115 million tonnes of additional tungsten-polymetallic resources added, supporting 20-30 years of additional operations
• +3 more outcomes

Named customers2 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• GB Innovation (South Korea)coreStrategic or Co-development Partner · 9 July 2026Long-term partnership to process South Korean tungsten concentrate into higher-value tungsten chemicals like ammonium paratungstate and tungsten oxide at MSR's facility in Vietnam. Positions MSR as a key midstream processor in the global tungsten supply chain outside China, enhancing downstream processing capabilities to meet growing global demand for tungsten in EVs, renewable energy, and advanced manufacturing.
• Mitsubishi Materials CorporationcoreStrategic or Co-development Partner · 18 December 2024Sale of 100% of H.C. Starck Holding (Germany) GmbH to Mitsubishi Materials Corporation completed in December 2024, generating over USD 200 million in cash proceeds. Previously, Mitsubishi Materials invested USD 90 million for 10% stake in 2020 as strategic alliance partner. H.C. Starck was the global leading manufacturer of hi-tech tungsten metal powders and carbides.
• GAET (Military Unit)minorStrategic or Co-development Partner · 20 March 2024Strategic blasting partnership between Nui Phao Mining and GAET, a military unit with strong reputation and extensive experience in blasting services. Partnership expected to bring significant blasting cost reduction over five years through committed outcomes at reasonable prices.
• EQ Resources LimitedminorStrategic or Co-development Partner · 12 April 2023Mou signed with EQ Resources Limited and existing joint venture partner Cronimet Australia Pty Ltd related to the Mt Carbine Tungsten Project in Far North Queensland, Australia. Working relationship based on reciprocity exchanging knowledge around tungsten exploration, mining, and processing.
• H.C. Starck GmbHcoreStrategic or Co-development Partner · 10 June 2020Completed acquisition of H.C. Starck GmbH's global Tungsten business in June 2020. HCS is a leading manufacturer of midstream tungsten products including hi-tech Tungsten Metal powders and Carbides with operating production hubs in Europe, North America, and Asia.

Scale indicators17 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Almonty Industries: Canadian-listed tungsten mining company operating non-Chinese tungsten assets (Panasqueira in Portugal, Sangdong in South Korea, and others). Direct peer to MSR as one of the few large-scale tungsten producers outside China serving Western supply chain diversification.
• Wolfram Company (Wolfram Bergbau und Hütten AG): Austrian integrated tungsten mining and processing company operating one of the few Western tungsten mines (Mittersill) outside China. Direct peer as a non-Chinese integrated tungsten supplier serving European industrial customers.
• EQ Resources Limited: Australian-listed tungsten miner operating the Mt Carbine Tungsten Project in Queensland. Direct peer to MSR with active tungsten exploration and processing; MSR has an existing MOU and knowledge-sharing partnership with EQ Resources via the Mt Carbine joint venture area.
• Chongyi Zhangyuan Tungsten Co., Ltd. Major Chinese tungsten concentrate and APT producer, part of the China rare earth/tungsten strategic cluster. Direct global peer in upstream tungsten mining and midstream APT production.
• Xiamen Tungsten Co., Ltd. China's largest tungsten producer and a leading global supplier of tungsten intermediates, powders, and carbide products. Direct global peer in tungsten chemicals and intermediates; key competitor in APT/AMT markets and reference price setter.

Broad incumbents

• Kennametal Inc. US-based manufacturer of tungsten carbide and hard-metal tooling products for aerospace, defense, and industrial markets. Broad incumbent in tungsten carbide consumption and finished tooling, comparable to MSR as a major participant in the Western tungsten value chain.
• Sandvik AB: Swedish engineering group with a major tungsten-based cemented carbide cutting tools business (Sandvik Coromant). Large incumbent buyer of tungsten intermediates and a leading Western tungsten consumer, making it both a customer peer and a downstream industry incumbent.
• Mitsubishi Materials Corporation: Japanese diversified materials company holding ~10% of MSR and having acquired 100% of H.C. Starck from MSR in December 2024. Operates tungsten and advanced materials businesses broadly; an incumbent supplier of tungsten powder and cemented carbide products globally and a strategic shareholder-competitor to MSR.
• Plansee Group: Austrian-headquartered global leader in tungsten and molybdenum refractory metal products serving electronics, lighting, and industrial markets. Broad incumbent in tungsten/molybdenum fabrication with downstream focus complementary to MSR's upstream and midstream position.

Emerging players

• Buffalo Tungsten Inc. US-based tungsten powder and parts manufacturer focused on North American defense, aerospace, and medical customers. Emerging non-Chinese tungsten processor with comparable focus on US supply chain diversification, though at smaller scale than MSR.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@MasanHighTechMaterials

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 Masan High-Tech Materials