GB Innovation Establishes Strategic Processing Partnership with Masan High-Tech Materials to Build Korea's First Complete Non-China Tungsten Supply Chain
Seoul, South Korea – July 6, 2026 – GB Innovation Co., Ltd. ("GBI"), South Korea's tungsten mining and critical minerals development company, today announced a strategic processing partnership with Masan High-Tech Materials ("MSR"), one of the world's largest integrated tungsten platforms outside China, with mining and refining operations in Vietnam.
The partnership establishes Korea's first complete non-China tungsten supply chain, enabling tungsten mined from GBI's Ssangjon Tungsten Mine to be processed into high-value tungsten products through MSR's advanced refining facilities in Vietnam before being supplied to Korean manufacturers. The integrated supply chain provides a secure and commercially proven alternative to Chinese processing while significantly strengthening South Korea's supply security for strategic industries.
Under the agreement, tungsten concentrate produced at the Ssangjon Mine will be converted into high-value intermediates - including Ammonium Paratungstate (APT) and tungsten oxides - which will serve as critical feedstock for Korean manufacturers of tungsten metal powders, cemented carbides, specialty alloys, defense materials, semiconductor chemicals, and other advanced industrial applications.
Key Highlights
Establishes Korea's first strategic non-China tungsten supply chain and creates the missing midstream link in Korea's tungsten value chain by converting domestic concentrate into high-value tungsten products.
Delivers secure Korean-origin tungsten feedstock for defense, semiconductor, aerospace, automotive, and advanced manufacturing industries.
Significantly reduces supply-chain risks arising from tightening Chinese export controls while providing a scalable platform supporting Korea's long-term critical minerals strategy.
By combining GBI's upstream mining operations with MSR's internationally recognized refining capabilities, the companies have established Korea's first complete non-China tungsten supply chain, from Korean ore to refined tungsten products ready for Korean manufacturers.
More than a commercial processing arrangement, the partnership creates a strategically secure supply chain that minimizes dependence on Chinese processing while preserving Korean ownership and traceability of the material throughout the value chain. The model is readily scalable as production from the Ssangjon Mine increases and provides the foundation for a resilient Korean tungsten ecosystem supporting defense, semiconductors, advanced manufacturing, and future downstream materials production.
The timing is particularly significant as China's tightening export controls continue to reshape global tungsten supply chains and expose vulnerabilities across strategic industries.
For Korea's defense industry, the partnership provides a major improvement in supply security by creating an alternative source of refined tungsten feedstock for critical applications including ammunition, armor-piercing systems, aerospace components, missile systems, and other defense technologies. It substantially reduces the risk of production interruptions resulting from increasingly constrained Chinese supply.
The agreement also delivers significant benefits to Korea's semiconductor industry. Tungsten is the indispensable raw material used to manufacture tungsten hexafluoride (WF₆), the essential precursor for depositing tungsten in advanced semiconductor devices, including leading-edge logic chips, DRAM, and 3D NAND memory. Recent shortages of high-purity tungsten have highlighted the vulnerability of semiconductor material producers and chip manufacturers to disruptions in upstream tungsten supply. By securing a reliable source of refined tungsten intermediates, the partnership helps mitigate the risk of supply interruptions affecting Korea's semiconductor value chain.
Beyond enhancing national supply security, processing tungsten into higher-value intermediates enables GBI to capture substantially greater value than conventional concentrate sales while providing greater flexibility to supply Korean industrial customers according to market demand.
Tiger Kim, Chief Executive Officer of GB Innovation, said:
"This partnership marks a historic milestone for Korea's critical minerals industry. For the first time, Korea now has a complete non-China tungsten supply chain—from Korean mining to refined tungsten chemicals supporting Korean industry.
Beyond its commercial significance, this partnership provides meaningful relief to Korea's defense companies and semiconductor manufacturers, both of which have faced increasing supply uncertainty as Chinese export controls tightened. Our objective is straightforward: to ensure that tungsten mined in Korea ultimately strengthens Korea's own strategic industries while reinforcing the country's economic security."
Michael Glover, Chief Executive Officer of Masan High-Tech Materials, said:
“We are pleased to partner with GB Innovation to support Korea’s tungsten supply chain. By combining GBI’s upstream resource base with MSR’s scaled processing and downstream conversion capability in Vietnam, we can help convert Korean concentrate into high-value tungsten intermediates for strategic industries. This partnership also reflects a broader market need: many resource owners require reliable processing capacity, and MSR’s platform is well positioned to help address that bottleneck.”
About GB Innovation
GB Innovation Co., Ltd. is a South Korean critical minerals company focused on the exploration, development, mining, and commercialization of strategic mineral resources. Through its flagship Ssangjon Tungsten Mine and international resource portfolio including Tajikistan mines, GBI is committed to building secure, sustainable, and diversified tungsten supply chains supporting South Korea and global advanced manufacturing industries.
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