Panasqueira Tungsten-Tin Mine Presentation
MAIN REASONS FOR GROWING TUNGSTEN DEMAND
A ALMONTY
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ELECTRIC VEHICLE BOOM COULD BOOST TUNGSTEN
➤ Tungsten is an increasingly important component in the production of EV batteries due to its ability to enhance their high energy density
➤ Development in the battery field is ongoing as performance, safety and cost-effectiveness are current key drivers
Increased focus on niobium tungsten oxide in batteries to reduce charge time and increase power density could result in a growing demand
30%
13%
AUTOMOTIVE
MINING
INDUSTRIAL
ENERGY
CONSTRUCTION
10%
10%
8.5%
8%
AEROSPACE
6%
10%
5%
ww
DEFENSE
OTHER
INDUSTRIAL USES IN SEMICONDUCTOR AND ROBOTICS
➤ Tungsten Hexafluoride (WF6) gas used in the production of all semiconductors; a market with an expected growth of more than 12% p.a.
➤ Essential material to produce robotic arms and other heavy machinery; a market with an expected growth of more than 10% p.a.
High melting point and good conductivity make it an ideal material for EDM processes, which require high levels of precision and control
CONSUMER
MILITARY TENSION SUPPORT TUNGSTEN DEMAND
➤ As military tensions continue to rise, the demand for advanced defense technologies is likely to increase, driving the demand for tungsten
➤ Use of tungsten in tank armor, including armor of the M1 Abrams tank, armor-piercing bullets, 155mm caliber shells, etc.
➤ Tungsten armor is less regulated than depleted uranium and considered "exportable" by the US → Tanks sold to allies have tungsten armor
Race for future technologies such as hypersonic projectiles, that use exceptional heat-resistant tungsten, will boost the use of tungsten
➤ Recent examples:
Poland ordered 116x M1A1 Abrams tank with tungsten armor (deliverable end 2024) + further 250 Abrams tank (deliverable 2025/2026)
Romania and other countries also expressed their interest in Abrams tank
➤ France increased the military budget by 40% for this decade; Australia announced the biggest military budget in decades and Japan has recently
unveiled an ambitious military build-up, renowned as the most significant since World War II, commonly referred to as "rearmament"
➤ China increased its military budget by 7% and is working to become the leader in hypersonic projectiles
In 2024, Germany will allocate over 2% of its GDP to defense spending for the first time since 1990, marking a significant milestone post-Cold War
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