On February 28th, 80% of Israel's Isa Metal Processing Company (IMC) announced that it had signed an investment agreement of 84 billion won (about US$75 million) with Wolf Mining, the operating company of South East Mine. After the announcement, Wolff Mining’s share price rose more than 27% in two days. Shangdong Mine is located in Shangdongyu, Gangwon-do, Gangwon, South Korea. Its tungsten mine has the largest scale in the world. The total value of tungsten and molybdenum mines is as high as 60 billion US dollars. The resources at the top of the light mine are enough to be mined for 10 years. Production accounts for about 70% of Korea's total tungsten ore exports. In the 1980s, due to the domestic relaxation of mining requirements, China's domestic tungsten mine began explosive mining, making the East East tungsten mine gradually lose its price competitiveness in the international market, and finally closed down in 1992. Nowadays, with the surge in demand for tungsten, the price of tungsten ore is also rising. Over the past year, the increase has exceeded 20%. The re-development project of the tungsten mine in Shangdongyu has begun to attract attention. Wolff Mining acquired the mining license for the Shangdong mine from the Gangwon-do government office in June 2010, and then actively sought investors. In January of this year, Wolf Mining acquired a $38 million investment from the Korean zinc company. Wolff Mining's website shows that after receiving the investment of Buffett, the Shangdong tungsten mine project is expected to be put into production in the fourth quarter of this year. After the project is put into production, it is expected that the annual output of ammonium paratungstate (the primary product of tungsten ore, commonly known as APT) will reach 4,000 tons. Production will double in the next few years. Wolfe Mining CEO Brian Watson said in an interview that the reason for choosing to invest in South Korea is because the former has lower tariffs and has a free trade agreement compared to mining in Australia. The cost of producing APT at the Upper East Mine is One ton is 18,000 US dollars, and the market price is as high as 10,000 US dollars, and the price is still in the rising channel. It is now the best time to enter the market. It is worth noting that this is not the first time Buffett and IMC have taken the upstream and downstream companies of the tungsten mine. In March last year, IMC announced the acquisition of Japan's Tailoruo Tool Company for US$1 billion. The company's main product is tungsten carbide tools. IMC is the world's second largest producer of tungsten carbide tools, while Tailuo is ranked fifth in the world. At that time, Buffett said that he would visit the Taichunguo new factory ribbon-cutting ceremony and then he would not be able to give up because of the earthquake in Japan. However, the importance of the "stock god" to the company is still evident. This time, the tungsten ore resources can be regarded as an integral investment of Buffett in the upstream and downstream of the tungsten industry.
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