Tungsten is a critical mineral vital to military hardware and industrial applications, including oil drilling. Yet, prices have risen tenfold in the past year, threatening both. This episode explores China’s capture of tungsten production and how it is now wielded as an economic weapon. What is tungsten, how is it mined and processed, and what does this mean for the West?
Speaking to our host Paul Chapman on this episode is William Parry-Jones, founder of Wolfram Advisory, a consultancy supporting clients in capturing value across the Tungsten and other critical minerals supply chains.
Read below for our key talent impacts from this episode.
Podcast Briefing: 5 Talent Trends
Defence and Energy Talent Priority
Geopolitical risk and supply insecurity are driving strong demand for professionals with experience in defence, oil and gas, and strategic materials, as governments and firms rebuild critical capabilities.
Junior Miners Scaling Teams Fast
Rising prices and investor enthusiasm are fuelling rapid growth among junior mining companies, increasing hiring for geology, project development, commercial, and investor relations roles.
Supply Chain and Market Intelligence Skills
Companies are prioritising talent with deep supply chain, pricing, and market analysis expertise to navigate opaque, illiquid markets shaped by state intervention and export controls.
Traders Returning to Strategic Metals
Renewed volatility and strategic stockpiling are drawing trading houses back into critical minerals, lifting demand for experienced physical traders skilled in illiquid, bilateral commodity markets.
Advisory and Specialist Consulting Growth
Market disruption is increasing demand for niche advisory firms, creating opportunities for professionals who can combine technical, commercial, and geopolitical insight across mining, processing, and investment.
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Podcast Summary
Edited highlights and themes from the podcast episode.
What is tungsten, and why is it considered a critical mineral?
Tungsten, also known as wolfram, is a metal with extreme properties, including the highest melting point of any metal and exceptional hardness when combined with carbon as tungsten carbide. These qualities make it essential to modern industry. It is widely used in manufacturing, oil and gas drilling, transport, and defence, often as an invisible but indispensable input in machining and tooling processes. Although defence accounts for a smaller share of direct demand, tungsten’s indirect role across industrial supply chains makes it economically and strategically critical.
Why have tungsten prices risen so sharply?
Tungsten prices have surged more than tenfold since early 2025, driven almost entirely by supply constraints rather than demand growth. China, which controls roughly 80 per cent of global primary tungsten production, introduced export controls on tungsten raw materials. At the same time, it has aggressively acquired non‑Chinese supplies, leaving Western buyers with limited access. The combination of export restrictions, geopolitical tension, and the absence of strategic stockpiles in the West has created acute market tightness and price volatility.
Can new mining projects solve the supply shortage?
A new tungsten supply is coming, but not quickly. Developing a tungsten mine typically takes three to five years, even for advanced projects. Near‑term supply growth is limited to expansions in countries such as Vietnam, Spain, Portugal, and Australia. Larger projects in Europe, North America, and Central Asia sit further out. This long lead time means supply shortages and elevated prices are likely to persist in the short- to medium-term.
What does this mean for governments, industry, and investors?
Governments are reassessing strategic stockpiles, particularly for defence and energy security. Industry is re‑evaluating supply chains, while investors are showing renewed interest in junior miners and critical minerals specialists. Tungsten has become a clear example of how geopolitics, commodities, and talent intersect in today’s energy and industrial markets.