Elmet Secures Long-Term Tungsten Offtake From Hemerdon Mine
ELMT sits 68% above its 52-week low of $12.485.
Summary
Elmet Group has signed a long-term tungsten offtake agreement with Tungsten West's Hemerdon Mine, securing a stable supply of tungsten concentrate. This follows the company's recent $2 billion DLA contract and $450 million Department of War investment, reinforcing its vertical integration strategy. The agreement diversifies Elmet's raw material sources and supports its expanding tungsten and molybdenum manufacturing footprint. Specific volumes and pricing were not disclosed, but the deal strengthens Elmet's position as a key tungsten supplier to the U.S. defense sector.
At the time of this announcement, ELMT was trading at $21.03 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $634.2M. The 52-week trading range was $12.49 to $25.03. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.