Tungsten mine that surges at times of major wars is opening again
An Australian mine filled with tungsten, a key metal of war, is reopening — ominously coinciding with the start of major wars across the world.Located on King Island, the Dolphin Mine is one of the world’s largest deposits of tungsten, a resilient metal primarily used for powerful armor-piercing ammunition and armor plating.The mine has opened and closed throughout more than a century of war and subsequent peace, with the land now bustling with activity as investors eye a looming windfall and surge in demand.The Dolphin Mine first opened in 1917 to provide munitions needed in World War I, and it shut down just three years later when peace held and brought an upheaval to the tungsten market.
Activity renewed once again in 1938 as World War II loomed, with the mine dying and resurrecting during the Korean and Vietnam wars.The Cold War weapons boom kept the mine alive for a time, but it eventually fell to seemingly permanent ruin 12 months after the Berlin Wall fell in 1989.
The mine’s open pit lay flooded with water for three decades before work began to bring it back into operation, with the redevelopment beginning in January 2022, just weeks before Russian President Vladimir Putin launched his invasion of Ukraine.Now in 2026, work is underway to ramp up tungsten production at the mine due to increased demand driven by the current wars, with the first underground ore extraction and delivery scheduled for September.It also comes amid a global rush to secure rare minerals at a higher rate than China, which produces the bulk of the world’s tungsten supply.Beijing has ramped up its military power in recent years as it eyes the annexation of Taiwan, an event that could lead to a major war in the Pacific region.
The Pentagon has previously warned that China would make its move against Taiwan within the decade after it has built up enough resources to launch an attack.The US has also joined the rush to secure metals of war, including a recent $1.6 billion deal to...