Analysis by London-based consultancy Roskill claims that as a result of high influence from China, prices of the silvery-white metal have experienced "considerable turbulence" over the past few years.
According to the China Tungsten Industry Association, China’s tungsten concentrate production in 2018 was 64,882 tons (tungsten metal), accounting for 76.2% of the world’s tungsten concentrate production.
The company plans to expand on four previously tested prospects and has also started testing six other prospects with the intention of defining a mineral resource estimate in the near term.
Tungsten and lithium play Pan Asia Metals (ASX:PAM) is off to a running start on its first day on the ASX with drilling already underway at its Khao Soon tungsten project in Thailand.