Tungsten West Secures £71M Investment from UK National Wealth Fund for Mine Development

Published: Sep 2, 2026 09:58

Save

[SMM Tungsten Express] Tungsten West has agreed terms with the UK's National Wealth Fund for up to £71 million in investment, including £36 million in equity, up to £25 million in committed debt, and a £10 million non-committed accordion facility. The fund will also have a limited period to conclude an offtake agreement for up to 50% of tungsten production. The company has already produced concentrate and is in final completion testing, targeting production start in Q3 2026 and full ramp-up in Q1 2027. The agreement is expected to create 350 direct jobs.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

[Flash | Chile's Mining Production Index Falls 7.2% YoY in July; Metallic Mining Down 10.7%]

On August 31, Chile's National Statistics Institute (INE) reported that the country's industrial production index fell 5.1% year-on-year in July. Within that, the mining production index (IPMin) declined 7.2%, with metallic mining down 10.7%, subtracting 9.301 percentage points from the index, mainly on lower copper extraction and processing. USGS data show Chile accounted for roughly 16% of global molybdenum output in 2025. The recent output losses at Chile's copper-molybdenum mines have been concentrated at the beneficiation stage, which hits by-product molybdenum harder than copper; global molybdenum supply is therefore expected to feel the impact in 2026.

2 hours ago

Molybdenum Market Flash (SMM, Sep 3)

A Jiangxi‑based mine holds a bidding sale for molybdenum concentrates: ‑ 96 mt of 45‑50% Mo concentrate, averaging 1.99% Cu and 0.081% P, bidding floor price at RMB 5,410 per Mo‑degree. ‑ 544 mt of 40‑45% Mo concentrate, averaging 4.09% Cu and 0.085% P, bidding floor price at RMB 5,380 per Mo‑degree. Payment term: 35% cash + 65% acceptance bill. Bid closing time: 11:00, Sep 3, 2026.

2 hours ago

Aug 31, 2026 13:26

[Molybdenum News] SMM August 31: A steel mill in Fujian set its ferromolybdenum tender price at 337,000 yuan/mt on August 31, cash terms, with volume to be confirmed.

Aug 31, 2026 13:26