Source: View source · Odd Lots — Tracy Alloway & Joe Weisenthal (guest David Fickling) · web

The post

Bloomberg Opinion columnist David Fickling tells us you can think of tungsten mining as "a century old prediction market for war." As he writes in a recent piece, tungsten is "a super-element that can determine the fate of nations." While the commercial market for tungsten is fairly small, it can be crucial in war manufacturing, due to its high density and melting point. He learned more about tungsten mining, and its increasing geopolitical necessity, during a visit to Australia's Dolphin Mine, which has a history of opening up during times of war, and then closing again during times of peace. He explains why investors are once again interested in tungsten mining and why it's been so hard to sustain production outside of China.

Why it's worth your time

A physical mechanism (density and melting point make tungsten irreplaceable in munitions) plus a striking tell: an Australian mine that has opened in wartime and closed in peacetime for a century is open for business again. Critical-minerals angle on the defense lane.