Masan High-Tech Materials Strengthens Global Strategic Materials Platform Through Partnership with South Korea’s GB Innovation

Masan High-Tech Materials Strengthens Global Strategic Materials Platform Through Partnership with South Korea’s GB Innovation.

HANOI, July 9, 2026 – Masan High-Tech Materials (MSR) has announced a strategic partnership with South Korea’s GB Innovation (GBI), marking another milestone in the Company’s ambition to build a global strategic materials platform while reinforcing Vietnam’s growing role in the international tungsten value chain outside China.

Partnership reinforces Vietnam’s role in the non-China tungsten supply chain

Under the long-term agreement, tungsten concentrate produced by GBI in South Korea will be shipped to Vietnam, where it will be processed at MSR’s tungsten refining and chemical facility into high-value intermediates, including Ammonium Paratungstate (APT) and tungsten oxide.

The partnership establishes a critical midstream link in South Korea’s non-China tungsten supply chain, enabling domestic mine output to be converted into refined tungsten products for use across advanced manufacturing industries.

One of the key features of the agreement is its disciplined commercial structure. Conversion fees are linked to a percentage of the Fastmarkets APT index while being protected by a floor-price mechanism. This approach provides downside margin protection, enhances earnings visibility, and improves utilization of MSR’s existing refining assets.

The agreement also highlights an important structural reality of today's global tungsten market. Although several countries possess significant tungsten resources, few have access to large-scale refining capacity outside China. As one of the world's largest integrated tungsten processing platforms beyond China, MSR has developed the capability to process a wide range of concentrate grades and impurity profiles into high-purity tungsten chemicals required by advanced industries.

For GB Innovation, the partnership completes a missing segment of South Korea’s tungsten supply chain by connecting domestic mining operations with refined tungsten intermediates. Products processed by MSR will support downstream industries including defense, semiconductors, aerospace, automotive manufacturing, specialty alloys, and other high-technology applications.

The agreement carries particular significance for South Korea’s semiconductor industry. Tungsten is an essential material used to manufacture tungsten hexafluoride (WF₆), a critical precursor for depositing tungsten films in advanced semiconductor devices, including next-generation logic chips, DRAM, and 3D NAND memory. Recent shortages of high-purity tungsten have underscored the vulnerability of semiconductor manufacturers to disruptions in upstream raw material supply.

By providing a stable and reliable source of refined tungsten intermediates, the partnership is expected to strengthen supply chain resilience for Korea's semiconductor industry at a time when global investment in artificial intelligence infrastructure continues to drive demand for advanced chips and strategic materials.

Long-life resource base positions MSR for future growth

The partnership also supports Masan High-Tech Materials' long-term strategy of expanding its integrated tungsten platform by combining internal resources with third-party feedstock.

MSR's processing platform is underpinned by its long-life resource base in Vietnam, centered around the Nui Phao polymetallic mine in Thai Nguyen Province. According to Vietnam's National Mineral Master Plan, the Nui Phao Expansion and Nui Chiem areas are estimated to contain approximately 115 million tonnes of potential polymetallic tungsten resources, subject to the necessary regulatory approvals.

Alongside this resource base, third-party concentrate has become an increasingly important component of MSR's business model. By combining feed from its own mining operations with concentrate supplied by more than 20 mining partners worldwide, the Company is able to improve refinery utilization, enhance cost competitiveness, and support its planned expansion of tungsten oxide processing capacity to more than 8,000 tonnes annually.

The partnership further demonstrates MSR's evolution from a mining company into a global strategic materials platform capable of delivering higher-value products while supporting a more diversified and resilient global tungsten supply chain.

"This partnership is an important proof point for MSR's platform strategy," said Michael Glover, Chief Executive Officer of Masan High-Tech Materials. "Regional resource owners increasingly require reliable, large-scale processing capacity outside China, and MSR is well positioned to provide that capability from Vietnam. By combining long-life resources, third-party feedstock, and advanced downstream processing, we are building a more predictable, capital-efficient tungsten platform that delivers sustainable value for customers, partners, and shareholders".

Tiger Kim, Chief Executive Officer of GB Innovation, said the collaboration represents an important milestone for South Korea's tungsten industry.

"We are pleased to partner with MSR. Its proven processing capabilities and strong track record as one of the leading tungsten producers outside China make it the ideal partner as we strengthen South Korea's tungsten supply chain. This partnership establishes a solid foundation for long-term cooperation between our two companies," he said.

As global industries continue seeking secure and diversified sources of critical minerals, the partnership highlights the increasingly important role Vietnam is playing in strategic materials processing. With its integrated mining and refining operations based in Thai Nguyen Province, Masan High-Tech Materials continues to strengthen its position as one of the world's leading non-China tungsten platforms while contributing to the development of a more resilient global supply chain for critical minerals.