Sojitz Signs MOU for 5% Slice of Vietnam Tungsten Producer Masan High-Tech

Sojitz Corp has signed a memorandum of understanding to pick up 5 per cent of Masan High-Tech Materials, the Vietnamese tungsten producer confirmed on Monday. The shares come from Masan Horizon, a wholly owned subsidiary of parent Masan Group, according to a company statement. Masan Group is selling down a slice of its tungsten arm to a Japanese trading house.

The price is the tell: Sojitz will pay no less than what Pentagon-backed Elmet Group forked over for its own stake. In September, Masan High-Tech said it would sell 4.99 per cent to Elmet in a deal that valued the company at roughly $2.5 billion, putting Elmet's slice near $125 million. That sets a floor for Sojitz's cheque, which would land in the same ballpark.

Nothing is locked yet. The two sides are aiming to sign definitive agreements by the end of the year, pending due diligence and regulatory approvals. Until those signatures land, the 5 per cent remains a handshake on paper.

Tungsten, the hard metal used in industrial and defence supply chains, is the prize here. Two buyers circling Masan High-Tech within months, one backed by the Pentagon and one a Japanese conglomerate, signals just how hot the scramble for critical minerals has become.