Pentagon backs major US tungsten restart via Blue Moon deal
The US Department of Defense’s Economic Defense Unit will invest up to $450 million in The Elmet Group through Blue Moon Metals to restart the Springer tungsten mine in Nevada and its ammonium paratungstate facility, including a $50 million prepayment, a $25 million equity investment, and a $75 million joint venture, with up to $25 million more if needed, as part of broader efforts to secure a domestic tungsten supply chain and reduce dependence on China. The funding also backs ELMT’s US manufacturing facilities in Maine, Michigan, and Ohio, launches Elmet Refining and Trading to coordinate sourcing and processing, and connects to a separate up-to-$2 billion DLA contract for tungsten materials. Springer is slated to restart by late-2027 and the APT facility by mid-2028, with partnerships extending to Australia and Spain to diversify supply.