In a timely and stark reminder of global conflict, an Australian mine rich in tungsten is set to reopen just as tensions flare worldwide.
Nestled on King Island, the Dolphin Mine is home to one of the planet’s largest tungsten deposits. Known for its durability, tungsten is a crucial component in producing armor-piercing munitions and robust armor plating.
Historically, this mine has seen its share of both wartime activity and peacetime dormancy over the last century. Today, however, it’s a hive of preparation as investors anticipate a boom in demand for this strategic metal.
Originally opened in 1917 to support munitions production during World War I, the Dolphin Mine was soon shut down in 1920, a casualty of the subsequent peace that disrupted the tungsten market.
Revived in 1938 with the threat of World War II, the mine has repeatedly opened and closed, pulsating with the geopolitical dramas of the Korean and Vietnam wars.
The Cold War weapons boom kept the mine alive for a time, but it eventually fell to seemingly permanent ruin 12 months after the Berlin Wall fell in 1989.
The mine’s open pit lay flooded with water for three decades before work began to bring it back into operation, with the redevelopment beginning in January 2022, just weeks before Russian President Vladimir Putin launched his invasion of Ukraine.
Now in 2026, work is underway to ramp up tungsten production at the mine due to increased demand driven by the current wars, with the first underground ore extraction and delivery scheduled for September.
It also comes amid a global rush to secure rare minerals at a higher rate than China, which produces the bulk of the world’s tungsten supply.
Beijing has ramped up its military power in recent years as it eyes the annexation of Taiwan, an event that could lead to a major war in the Pacific region.
The Pentagon has previously warned that China would make its move against Taiwan within the decade after it has built up enough resources to launch an attack.
The US has also joined the rush to secure metals of war, including a recent $1.6 billion deal to mine one of the world’s largest untapped tungsten reserves in Kazakhstan.
The metal is one of the key components for America’s air defense missiles, which are reportedly running low after months of war with Iran.
The Trump administration, which denies the shortage, is ramping up missile production, fueling a surge in investment in critical metal mines.