SEA Deal Ticker
China curbed bismuth exports, so Washington shops in Vietnam: Elmet pays US$120M for 5% of Masan's miner
Elmet, a US metals firm the Pentagon backed with US$450 million this month, paid US$120 million for 4.99% of Masan High-Tech Materials, which runs Vietnam's Nui Phao tungsten mine. Elmet also gets 12 months of exclusive talks on bismuth supply.
Positive-sum angle: Bismuth is a metal used in medicines and radiation shielding, and China restricted its export in 2025. Any Vietnamese supplier of a metal China controls now has a buyer in Washington.