Our Platform
Five material platforms, one integrated value chain
NSMT is building one of the world's most integrated strategic materials platforms — each stage adding purity, complexity and margin.
Core platform
Tungsten
- 01APT
- 02Metal Powder
- 03Carbides
- 04High-Performance Powders
- 05Electronic-Grade Materials
- 06Semiconductor Precursors
Core platform
Molybdenum
- 01APM
- 02High-Purity Oxides
- 03Powders
- 04Catalyst Materials
- 05High-Temperature Materials
- 06Advanced Chemicals
Roadmap
Rare Earth Platform
- 01Heavy Rare Earths
- 02Magnet Materials
- 03Permanent Magnet Supply Chain
Iron · Manganese · Phosphate · Fluorine
Battery Materials
- 01Battery Precursor Chemicals
Bismuth · Rhenium · Tellurium · Selenium
Advanced Materials
- 01Functional Materials
- 02High-Performance Compounds
- 03Advanced Industrial Applications
Koktenkol — life-of-mine output
185,970 t
Tungsten
458,207 t
Molybdenum
308,319 t
Copper
51,367 t
Bismuth
55 yrs
Mine life
Rare Earth and Battery Materials reflect NSMT's broader platform roadmap.
Strategy
A phased build-out — from first tungsten production to a fully integrated platform
Phase I — Initial production
- Capacity
- 5,000 tpa APT · ~200 tpa APM · ~1,500 tpa Cu
- Stage 1 capex
- ~US$580M total (5.0 Mtpa case); ~US$181M start-up complex to first production
- Financing
- US$72M committed (ADCB US$42M + Traxys US$30M); ADCB HQ facility up to US$200M in negotiation; US$308M balance to be arranged
- EPC contractor
- NFC — China Nonferrous Metal Industry's Foreign Engineering & Construction, signed July 2026
- Offtake
- Traxys — up to 70% take-or-pay + up to US$300M further funding + US$30M advance facility
- First APT
- 2028, with Stages 1.2 and 1.3 expanding through 2029
Phase II — Full-scale platform
- Capacity
- 20,000 tpa APT · 18,000 tpa APM · 8,000 tpa Cu
- Capex
- ~US$2.66bn — Stage 2 molybdenum operation at 20 Mtpa
- Economics
- NPV at 10% US$1,516M · IRR 30% (JORC PFS)
- Financing
- To be arranged, building on the Phase I ADCB relationship
- EPC contractor
- To be confirmed following Phase I execution
- Offtake
- To be arranged, building on the Phase I Traxys relationship
Phase I / II Production→Advanced Chemicals→Advanced Materials→Electronics Materials→Strategic Materials Platform
Phase I targets 5,000 tpa APT; PFS Stage 1 averages 16,416 tpa across its 14-year life. Figures per the JORC Pre-Feasibility Study, amended 7 June 2025, on a price deck of US$331/mtu APT.