Pentagon Backs $150M Blue Moon Tungsten Restart
The deal includes a guaranteed $150 million commitment and gives the government equity, warrants and board rights as it rebuilds tungsten supplies.
- On Monday, the Elmet Group announced a $2 billion Defense Logistics Agency contract and a $450 million Department of Defense investment to expand domestic tungsten production and rebuild the National Defense Stockpile.
- Seeking to reduce reliance on Chinese tungsten, which produces 80% of global supply, Washington acted ahead of January 1, 2027, when new defense procurement rules prohibit sourcing materials from China.
- Elmet will invest more than $165 million across facilities in Maine, Michigan, and Ohio to modernize infrastructure, a move federal officials expect will support about 1,200 manufacturing and engineering jobs.
- Under the funding terms, the U.S. government will receive redeemable preferred equity representing 19.9% of Elmet's common stock, alongside rights to appoint one independent director and one non-voting board observer.
- "Tungsten is a material that is critical to America's defense, industrial, and economic future," CEO and Chairman Peter Anania said, emphasizing the investment's role in securing components for Patriot, Javelin, AEGIS, and submarine systems.
21 Articles
21 Articles
The Dallas Express News
wbap.comPentagon Commits $450 Million To Expand U.S. Tungsten Production
The Department of War has committed $450 million to expand domestic tungsten production for military systems. The Office of the Assistant Secretary of War for Industrial Base Policy, working with the Economic Defense Unit, made the redeemable preferred equity investment through the Industrial Base Analysis and Sustainment program, the Department of War announced on Monday. […]
US Takes $450 Million Stake in Tungsten Firm to Counter China
The Pentagon will take a near-20% stake in a US producer of tungsten — a metal used in military hardware — in a move that expands the Trump administration’s push to secure critical minerals supplies outside China.
Lewiston Sun Journal
Portland Press HeraldDepartment of Defense buys equity stake in Portland company as part of $450M commitment to secure tungsten supply
A portion of the funding for Elmet Group will make its way to U.S.-based operations, including the company's facility in Lewiston.
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