Pentagon spends $450M on tungsten firm

The U.S. Department of Defense plans to invest $450 million in Elmet Group to boost tungsten production within the United States, aiming to secure supplies of vital minerals outside China and reduce its market dominance. This investment is part of the Trump administration's efforts to develop a strategic stockpile of critical minerals valued at $12 billion and to lessen dependence on China, especially following a significant rise in tungsten prices after Beijing imposed export restrictions in early 2025. The funding is intended to support manufacturing and mining capabilities domestically, highlighting its importance to the defense sector due to tungsten's use in armor-piercing weapons, with the Department of Defense taking an ownership stake of up to 19.9% in the company.

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