Mitsubishi Materials to raise stake in Vietnamese tungsten firm

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HANOI, NNA - Mitsubishi Materials Corp. will boost its stake in a major Vietnamese tungsten firm to expand its global tungsten operations.

Mitsubishi will invest $90 million in Masan High-Tech Materials Corp. of Ho Chi Minh City under a third-party share allotment deal, the Japanese company said in a statement on Monday.

The investment will boost its stake in Masan to 10 percent and make Mitsubishi the Vietnamese firm's second-largest shareholder, the nonferrous metals company said.

The Tokyo-based firm noted that it is maintaining a competitive position in the global tungsten industry by utilizing its production facilities in Vietnam as well as production and recycling facilities in Germany, Canada and China. (NNA/Kyodo)