MATERIALSDECODED
Tungsten · Financing

The 2025 Price Spike Is the First Real Test for New Tungsten Mines

A doubled price gives non-Chinese tungsten projects a genuine financing opening, the opposite problem graphite and silicon's falling prices created.

Tungsten’s 2025 price spike, covered on this material’s economics page, creates a genuinely different financing environment from the falling-price problem facing graphite and silicon, covered on their own financing pages.

NPV=∑t=1TCFt(1+r)t−C0NPV = \sum_{t=1}^{T} \frac{CF_t}{(1+r)^{t}} - C_0
The same net present value test introduced on cobalt's and copper's financing pages. A higher assumed tungsten price directly raises a new project's projected CFt, making the same C0 easier to justify than it would have been before the 2025 spike.
Higher price
Tungsten's current financing tailwind
opposite of graphite and silicon
Allied-country interest
Real, current response
to the 2025 export controls

Why a price spike is a genuine financing opportunity here

Several Western and allied-country governments and companies have announced renewed interest in developing non-Chinese tungsten capacity specifically since the 2025 export restrictions, covered on this material’s supply chain page, a real, current response that the higher price environment makes genuinely easier to finance than the equivalent effort would have been a few years earlier.

Sources: tungsten project financing and the response to 2025 export controls are widely reported in industry and policy press (Reuters, USGS); NPV is a standard corporate finance and mining project evaluation tool.