What's Happening?
Tungsten prices have experienced a significant increase, with ammonium paratungstate (APT) prices rising by approximately 557% since China imposed export controls on tungsten products in February 2025. This surge has driven interest in non-Chinese tungsten supply
sources, including a 37,000-hectare project in British Columbia managed by GoldHaven Resources Corp. The project, located in the Cassiar District, is being positioned as a critical minerals opportunity, combining tungsten-bearing skarn systems with other valuable mineral deposits. The Canadian government has also expanded its Critical Mineral Exploration Tax Credit to include tungsten, further incentivizing exploration and development in the region.
Why It's Important?
The dramatic rise in tungsten prices highlights the strategic importance of securing alternative supply sources outside of China, which currently dominates global production. This situation has prompted Western governments and companies to invest in projects like GoldHaven's in British Columbia, which could play a crucial role in diversifying supply chains and reducing dependency on Chinese exports. The increased focus on critical minerals is also aligned with broader efforts to strengthen national security and support technological advancements, as tungsten is essential for various industrial and defense applications. The Canadian project's potential to contribute to this supply diversification makes it a key player in the global tungsten market.
