GB Innovation

What GB Innovation does

GB Innovation Co., Ltd. is a South Korean mining resource development company founded in 2018. The company operates the Ssangjeon Mine in Uljin, Gyeongsangbuk-do Province — South Korea's second-largest tungsten mine — and the Hupo Concentrator, a processing facility acquired from Korea Mineral Resources Corporation in February 2024 for approximately KRW 17 billion. GB Innovation produces high-grade tungsten concentrate (60-65% WO3 purity) serving the semiconductor, secondary battery (EV), defense, aerospace, advanced materials, and renewable energy industries. The company is also jointly developing the Maikura Mine in Tajikistan with TALCO, which contains reserves exceeding 1.92 million tons at an average grade of 0.95% WO3 — the world's highest-grade tungsten deposit.

GB Innovation's core technology is a two-stage tungsten ore concentration process. The first stage uses in-mine gravity separation at the Ssangjeon Mine, a chemical-free process that produces primary concentrate at 15-20% WO3 grade while reducing dust, noise, and enabling water recycling. The second stage uses advanced chemical flotation at the Hupo Concentrator, elevating tungsten content to 60-65% purity. The Ssangjeon ore body grades 0.46% WO3 — more than 2.5 times the global average of 0.18% — and features a 30-50 meter wide ore body in close proximity to the mine shaft, enabling low-cost underground mining with a competitive C1 cash cost of approximately $128/mtu. Confirmed reserves total approximately 3.1 million tons, with an additional 4-5 million tons estimated in unexplored lower extensions. The Hupo Concentrator is described as South Korea's largest tungsten concentration facility. Annual production target from Ssangjeon is 800-900 tons of 65% WO3 concentrate, comparable to Australia's total national tungsten output in 2023.

The company's business model is built on B2B sales of tungsten concentrate through long-term offtake and processing agreements with global industrial buyers. Key partners include Cronimet (Germany) under a long-term offtake agreement, Masan High-Tech Materials (Vietnam) under a long-term processing agreement signed in July 2026, and TALCO (Tajikistan) for joint development of the Maikura Mine. Pricing is not publicly disclosed and is tied to commodity tungsten market dynamics. In May 2026, GB Innovation completed a merger with Pure Tungsten Global (Canada), with the combined entity planning to list on the London Stock Exchange in Q4 2026 to position itself as a major non-China global tungsten supplier, addressing South Korea's 93% import dependence on Chinese tungsten and aligning with the country's Special Act on Resource Security enacted in February 2025.

Name

GB Innovation

Legal name

주식회사 지비이노베이션

Website

https://gbinnovation.co.kr

Company type

Private

Founded year

2018

Operating status

Acquired

Short description

GB Innovation is a South Korean tungsten mining company producing high-grade concentrate (60-65% WO3) from the Ssangjeon Mine and Hupo Concentrator. It serves semiconductor, defense, EV battery, and renewable energy markets, and merged with Pure Tungsten Global in May 2026.

Ownership category

akta.pro rank

Product category

Tungsten Mining and Concentrate Production

NAICS

Nonferrous Metal (except Aluminum) Production and Processing (3314)

SIC

Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Tungsten mining
• Tungsten concentrate
• Critical minerals
• Ore concentration
• Strategic materials supply

Headquarters

HQ city

Bangbaedong

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Tungsten Concentrate Production and Sales: GB Innovation generates revenue through the mining and sale of tungsten concentrate (65% WO3) produced at its Ssang-Jon Mine and Hupo Concentrator in South Korea, as well as through the Maykhura Mine joint development in Tajikistan. Revenue is derived from long-term offtake agreements with global partners including Cronimet (Germany) and Masan High-Tech Materials (Vietnam), and direct sales to semiconductor, battery, defense, and aerospace companies. The company aims to expand into intermediate refining and final material production value chain.
2. Tungsten Processing Services: Through the long-term agreement with Masan High-Tech Materials (Vietnam), GBI provides tungsten processing services leveraging its Hupo Concentrator and South Korean production capabilities, aligning with Masan's 'Go Global' strategy for high-tech materials.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

GB Innovation mines tungsten ore at the Ssang-Jon Mine in South Korea and the Maikura Mine in Tajikistan, and processes it at the Hupo Concentrator to produce high-grade tungsten concentrate (60-65% WO3). The company sells this concentrate under long-term offtake agreements to industrial buyers in semiconductors, secondary batteries, defense, aerospace, and renewable energy sectors.

Product overview

GB Innovation is a mining resource development company that operates a portfolio of tungsten mining assets. The core business consists of the Ssangjeon Mine (South Korea's second-largest tungsten mine) combined with the Hupo Concentrator for processing, producing high-grade tungsten concentrate (60-65% purity). The company also holds development rights to the Maikura Mine in Tajikistan, which will add significant production capacity. Through these assets, GB Innovation supplies tungsten for semiconductors, secondary batteries, advanced materials, energy, and aerospace industries. The company completed a merger with Pure Tungsten Global in May 2026, positioning itself as a major non-China global tungsten supplier.

Differentiator

Problem solved

Functional benefit

Products and services

• Ssang-Jon Mine Tungsten Concentrate High-grade tungsten concentrate (60-65% WO3) produced at the Ssang-Jon Mine in Uljin, Gyeongsangbuk-do, South Korea, with confirmed reserves of 3.1 million tons at 0.46% WO3 ore grade. Sold to industrial buyers in semiconductor, battery, defense, and aerospace sectors via long-term offtake agreements.
• Hupo Concentrator Tungsten Processing Services Tungsten ore processing and concentration services at South Korea's largest tungsten concentration facility, elevating tungsten content to 60-65% purity concentrate via advanced chemical flotation.
• Maikura Mine Tungsten Concentrate (Tajikistan)

Quantifiable outcome

• Ore grade 2.5x global average — 0.46% vs 0.18% global average
• +4 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

Feature4 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• Masan High-Tech Materials (Vietnam)coreStrategic or Co-development Partner · 9 July 2026Vietnam's Masan High-Tech Materials signed a long-term tungsten processing agreement with GB Innovation, aligning with Masan's 'Go Global' strategy to strengthen its position in the global high-tech materials market. The partnership enhances Masan's downstream processing capabilities to meet growing global demand for tungsten in electric vehicles, renewable energy, and advanced manufacturing sectors. Masan operates the Nui Phao polymetallic-tungsten mine in Vietnam, one of the world's largest tungsten reserves.
• Pure Tungsten Global (Canada)flagshipStrategic or Co-development Partner · 1 May 2025Pure Tungsten Global (Canada) completed a merger with GB Innovation Co., Ltd. in May 2025, forming a combined entity positioning itself as a major non-China global tungsten supplier alongside its high-grade Maykhura project in Tajikistan. The merged company expects first tungsten shipments from the newly restarted Ssangjon (Ssang-Jon) mine in South Korea by late July 2026, with shares scheduled to list on the LSE in Q4 2026.
• TALCO (Tajikistan Aluminum Company)flagshipStrategic or Co-development Partner · 15 October 2024GB Innovation entered into an agreement with Tajikistan's largest company, TALCO (Tajikistan Aluminum Company), for the joint development of the Maikura (Maykhura) tungsten mine in Tajikistan. The mine has estimated reserves exceeding 1.92 million tons at an average grade of 0.95% WO3 — the world's highest quality tungsten ore. GBI and TALCO are also working to establish a tungsten intermediate production value chain in Tajikistan to serve semiconductor and defense companies globally. An initial MOU was signed on October 19, 2025, followed by the main contract on December 17, 2025.
• Cronimet (Germany)coreChannel Partner/ Reseller/ Distributor · 1 January 2020Cronimet, a German metals company, entered into an off-take agreement with GB Innovation for the purchase of tungsten concentrate produced from the Ssang-Jon Mine. Cronimet also hired independent JORC experts in 2019-2020 to cross-verify KORES' exploration data at Ssang-Jon Mine, independently estimating reserves of 3.07 million tons.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• EQ Resources Limited: EQ Resources is an ASX-listed tungsten and gold producer operating the Mt Carbine mine in Queensland, Australia; comparable as a mid-tier tungsten concentrate producer targeting downstream tungsten processing expansion.
• Almonty Industries: Almonty Industries is a Toronto-listed tungsten mining company operating the Panasqueira mine in Portugal and developing the Sangdong mine in South Korea — directly comparable as a non-China tungsten producer with Korean asset overlap and similar LSE/AIM listing trajectory.
• Saloro S.L.U. Saloro operates the Barruecopardo tungsten mine in Salamanca, Spain, one of Europe's largest non-China tungsten producers; directly comparable as a single-asset tungsten concentrate producer targeting Western supply diversification.
• Wolf Minerals (now Tungsten West): Tungsten West plc is developing the Hemerdon tungsten and tin project in the UK; comparable as a Western tungsten developer historically attempting to restart a long-dormant tungsten operation, similar to GB Innovation's Ssang-Jon restart.

Broad incumbents

• Masan High-Tech Materials: Masan High-Tech Materials operates the Nui Phao polymetallic-tungsten mine in Vietnam (one of the world's largest tungsten reserves) and is also a processing partner of GB Innovation; directly comparable as an integrated tungsten concentrate and downstream producer in Asia.
• Mitsubishi Materials Corporation: Mitsubishi Materials is a major Japanese nonferrous metals group with a tungsten products division (carbide tools, cemented carbide); comparable as a downstream tungsten consumer/processor in Asia and a potential customer profile for GB Innovation's concentrate.
• Xiamen Tungsten Co., Ltd. Xiamen Tungsten is one of China's largest integrated tungsten producers covering mining, APT, and tungsten powder/products; comparable as a vertically integrated tungsten reference point, though based in the dominant Chinese supply region.
• Cronimet Group: Cronimet is a German-based global metals recycling, trading, and processing group; comparable as both an offtake partner of GB Innovation and a broader tungsten/scrap metals industry participant with vertical reach into tungsten feedstock.

Emerging players

• W Resources Plc: W Resources is an AIM-listed developer of the La Parrilla tungsten and tin mine in Spain; comparable as a smaller-scale tungsten producer targeting European supply diversification, similar profile to GBI before full ramp.

Regional players

• TALCO (Tajikistan Aluminum Company): TALCO is Tajikistan's largest state-owned industrial company and GBI's joint development partner at the Maikura tungsten mine; comparable as the local partner/counterparty with mining and processing capabilities in Central Asia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

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 GB Innovation