The company, a non-mine producer for several years, saw its stock rise on the TSE to $8, within a 52-week range of $4.60-$8.50. Warrants trading on the same exchange almost doubled in price, hitting 95 cents .
Canada Tungsten, like many of the western world’s tungsten producers, closed its mining operations in 1986 in response to stiff competition from the Chinese. Although its mine in the Northwest Territories was closed, the company continued to ship concentrate from stock.
The company operates an ammonium paratungstate plant in Fort Madison, Iowa, which processes purchased concentrates and concentrates supplied for toll conversion. The plant, built to handle the company’s scheelite (calcium tungstate) concentrate, has been modified to process mainly Chinese wolframite (iron manganese tungstate) concentrates.
Major users of tungsten include the oil and gas, mining and manufacturing industries. A hard element, tungsten has application in tungsten carbides, mill products, tool steels, alloys and in chemicals for catalysts.
D.R. Phillips, with the mineral policy sector of Energy, Mines and Resources Canada, estimated just under 50% of the tungsten produced is used in the drilling industry and machining operations.
U.S. publication Metals Week was recently quoting a London price range for tungsten of $51- $64(US) per tonne unit.
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