GWY - Tungsten : No Substitutes
BGS Risk List: Why Tungsten Is On It
The British Geological Survey (BGS) compiled a risk list that outlined the relative risk of certain elements and element groups in 2011. It ranked them according to a risk index, outlined in the following infographic, ranging from one (very low risk) to ten (very high risk). The highest ranking awarded was an 8.5, and tungsten was one of only four elements to receive it.
Based on this list, tungsten is a metal facing high supply risks. Not only does Britain realize the economic importance of tungsten, but also, in the EU, it is one of 14 minerals and metals classified as critical, meaning it has significant economic importance to the member nations.
The BGS describes tungsten as a key hard metal used in almost all cutting tools. It is an important metal with no substitutes, and a key component in steel manufacturing, construction, oil drilling, and mining industries. Tungsten is also used in the fabrication of wires and filaments used in electrical, heating, and lighting applications.
Galway Resources is also mentioned as a Tungsten junior minor; outside of China.
And:
China is the leading producer of 28 of the 52 items on the risk list, including tungsten, and the government’s interference in the market is already clear. Also of importance is that China has claimed that it has a growing domestic demand for the metal, increasing the risk of future tightening of export quotas.
Tungsten is geographically widespread with significant resources in a number of countries. Given concerns about the limited supply outside of China and the economic consequences of this situation, there is a real need for a diversity of sources for this metal. Opportunities are rife for those who are willing to venture into this space; developing projects in other nations, especially those with stable governments and mining-friendly atmospheres, would provide an immediate marketing point.
Link Galway - Victorio Molybdenum-Tungsten Project : https://www.galwayresources.com/s/Victorio.asp