Elmet Group acquires stake in Vietnam's Masan High-Tech Materials as listing plans progress

Masan High-Tech Materials (MSR) will sell a 4.99% equity stake to its long-standing U.S. partner, the Elmet Group, in a deal that places the Vietnamese critical-minerals producer at a $2.5 billion valuation. The transaction, to be completed by early October subject to approvals, leaves Masan Group as the controlling shareholder with 87.46% of MSR. Alongside the equity purchase, Elmet and Masan have signed an eight-year commercial agreement under which Masan will supply about 1,250 tonnes of tungsten trioxide annually, delivering an estimated $1.5 billion in gross revenue over the contract term.

The partnership is timed with Masan's plan to list on the Ho Chi Minh City Stock Exchange in 2027, providing a fresh market benchmark ahead of the move. Masan operates the Nui Phao mine and a large processing complex, positioning itself as the largest non-Chinese producer of mid-stream and downstream tungsten products. The company reported $423 million in revenue and $83 million net profit for the first half of 2026 and expects full-year revenue of about $1.4 billion.