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According to the China Tungsten Industry Association, China’s tungsten concentrate production in 2018 was 64,882 tons (tungsten metal), accounting for 76.2% of the world’s tungsten concentrate production. To break China’s “near-monopoly” position in key mineral resources, Australia plans to inject 10 million Australian dollars (49.26 million yuan) and restart a 30-year-old tungsten mine —— Dolphin tungsten mine.
Dolphin tungsten mine deposit is located near the coast of Golden Island, Tasmania, Australia. It belongs to skarn scheelite deposit and is one of the top ten tungsten deposits outside China. First discovered in 1911, officially mined in 1917, received the attention and support of the local government during the outbreak of the war, and then officially closed down in 1992 due to a long downturn in tungsten prices, now owned by King Island Scheelite Limited,KIS Company.
According to Australian media reports, restarting dolphin tungsten ore cumulative need 85 million Australian dollars (about 418 million yuan). KIS in addition to receiving a 10-year loan of $10 million from the Tasmanian government, it will also receive government assistance of $15 million (73.9 million yuan) from the Australian Federal Government, and consultations are under way. Additional remaining start-up funds will KIS raised through the stock and bond markets.
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