#Tungsten is truly a great bull case. Now that it has entered the mainstream media, expect a flood of "experts" who never set foot into China and claim they know everything about Tungsten. In #China, policy can matter more than price. If authorities set minimum recovery thresholds for tungsten mining, low-grade projects can be squeezed out very quickly. This is a classic example of 一刀斩 - a uniform policy that resets the landscape overnight. Officially, it is framed as environmental protection and the crackdown on small polluting mines. China has a long history of using regulatory pressure to force consolidation and push marginal, low-grade producers out of the market, while advantaging larger, better-capitalised operators and SOEs. While many think they know who these SOEs are, they really don't - many are disguised as a small operators. Without connections, you will only know them as such. But in reality, they have some heavy backing by people you could never fathom. For tungsten, geopolitics matters too. China has multiple levers to tighten supply, and downstream users should pay attention. China is the centre of minerals processing. Anyone who's serious about developing a mine has to understand that. Only except is if your project is in USA 😜
