World tungsten supply was dominated by production in China and exports from China. Production of tungsten concentrate outside China was estimated to have increased in 2023 but remained less than 20% of world production. The increase was from existing operations and from the restart of production from a historic mine in Australia. Additional production, primarily from mines in the Republic of Korea, Russia, Spain, and the United Kingdom, was forecast to begin within a year or two. Scrap continued to be an important source of raw material for the world tungsten industry. Tungsten consumption is strongly influenced by economic conditions and industrial activity. China continued to be the world’s leading tungsten consumer. In 2023, global tungsten consumption was forecast to decrease slightly from that in 2022
World Mine Production and Reserves: Reserves for Australia, China, Portugal, Spain, Vietnam, and “Other countries” were revised based on academic, company, and Government reports. Mine production Reserves 2022 2023 United States — — NA Australia 200 800 570,000 Austria 910 910 10,000 Bolivia 1,360 1,500 NA China 66,000 63,000 2,300,000 Korea, North 1,520 1,700 29,000 Portugal 500 500 4,000 Russia 2,000 2,000 400,000 Rwanda 1,400 1,400 NA Spain 800 1,500 66,000 Vietnam 4,000 3,500 74,000 Other countries 1,080 1,100 950,000 World total (rounded) 79,800 78,000 4,400,000
So, in 2023 Australia has moved to 9th largest producer. Spain equal 5th. Reserves Australia 2nd (sorry if the numbers aren't aligned)
EQR Price at posting:
5.8¢ Sentiment: Buy Disclosure: Held
