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Tungsten’s sixfold surge: Pakistan’s mineral processing opportunity
A sixfold rise in tungsten prices says more about who refines critical minerals than who holds them. Pakistan ships concentrate abroad and buys the finished metal back - a gap that $1.3 billion of US financing does not by itself close. The price of tungsten rose 622% between January 2025 and April 2026, according to the International Energy Agency’s Global Critical Minerals Outlook 2026. Tantalum climbed 196% over the same period, cobalt 134%, neodymium 116% and lithium 108%. Even copper, aluminium and chromium - the base metals underpinning power grids and steelmaking - rose between 39% and 5...
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