Xiamen Tungsten to acquire an additional 10% stake in Xiamen Golden Egret Special Alloy from Sandvik for $70m.

Chinese company Xiamen Tungsten agreed to acquire an additional 10% stake in Xiamen Golden Egret Special Alloy, a Chinese joint venture originally formed in 2005 to secure the supply of tungsten, from Sandvik, an engineering company, for $70m. In its announcement, Sandvik noted that the original purpose of the JV, formed in 2005, was to secure supplies of tungsten. The Swedish group subsequently purchased integrated tungsten refiner Wolfram Bergbau und Huetten of Austria in 2009, a major producer of tungsten metal and carbide powders for cemented carbide tools.