The past week has seen many new company developments when it comes to Tungsten. Vancouver-based Golden Predator Mines announced the intersection of near surface tungsten mineralization in drilling at its wholly-owned Springer tungsten project in Nevada.
Scrap recycling is an important facet of the globe’s tungsten supply, with approximately 30% of the world’s tungsten coming from recycled material.
It was a low key week for Tungsten, as an oscillating dollar and Gustav-instigated pressure on crude turned the market focus to the industrial metals.
The current global consumption for Tungsten is approximately 80,000 tonnes per annum, with 60,000 coming from mines and the balance from recycled material. China is the largest producer and consumer, and they continue to grip the market, however, mining companies outside China are shifting gears- turning exploration focuses to tungsten.
Over the past four years the price of tungsten has surged from $4 per pound to over $14 per pound. The surge in the price of tungsten has been caused by the fact the China has a monopoly on the market.
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