Low demand, low prices, and the break up of the former USSR has led to a collapse in tungsten production. With China soldering on as the predominant tungsten producer in the world, the West is seeking out direct ownership of non-Chinese mines. Where is the fresh supply?
Holiday retail sales were worse than anticipated. The jewelry market was hardest hit, luxury goods sales were down as much as 34%. However, the new Tungsten jewelry market faired exceptionally well over this holiday season.
Tungsten, like all the other metals, has seen a large amount of its value lost in the 2008 market crash. However, some stability has been lent to tungsten due to the fact that China has a monopoly on the market.
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.
The market has been increasingly volatile over the past months, and with this week’s huge adjustments many businesses announced new strategic measures. Tungsten companies were no exception, and a few business changes were announced this week.
Yankee Hat Minerals Ltd. reported that it has entered into two option agreements to acquire 100% interest in the Achtung Tungsten Project located in northwestern British Columbia and the Birdtung Tungsten-Tin Project located in southern Yukon Territory.
For more information, click here
For company’s website, click here
Tuesday, October 20, 2009