H.C. Starck, a leading worldwide manufacturer of technology metals and one of the biggest companies in the global tungsten industry, and Nui Phao Mining Company (“Nui Phao&rdquo , a subsidiary of one of Vietnam’s largest private sector business groups, Masan Group Corporation (HOSE: MSN, “Masan Group&rdquo , have announced the signing of definitive agreements to establish a joint venture for the production of value-added tungsten chemicals in Vietnam.

Nui Phao and H.C. Starck will own 51% and 49% respectively of the joint venture, which will process all of Nui Phao’s tungsten concentrate into higher value-add tungsten chemicals, including ammonium paratungstate (APT) and blue tungsten oxide (BTO). The joint venture company will have an installed capacity of 6,500 tons tungsten trioxide per annum. H.C. Starck will manage the joint venture and has committed to buy a significant share of the production for its own internal use. The company will also support marketing of the remaining product through the joint venture.

Andreas Meier, President and CEO of H.C. Starck said, “Masan has developed a world-class mining operation and the Nui Phao mine will be a stable source of material for the joint venture. For H.C. Starck this joint venture strengthens our leading position as a global tungsten producer and increases our manufacturing footprint in Asia. Based on the secured supply of tungsten concentrate and our recycling capabilities, we can provide our customers long-term supply security independent from regulatory restrictions and we expect less price volatility for tungsten.”

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