The History of Tungsten
With a tensile strength of 1,510 megapascals, we now know tungsten as the strongest naturally occurring metal on Earth.
Today’s infographic is from Almonty Industries, a tungsten producer, and it reveals the history of tungsten.
Interestingly, the infographic shows that despite tungsten’s strength, most of civilization has lived without any practical use of the metal. That’s because tungsten wasn’t officially discovered until the 18th century – though, as you will see, it was a thorn in the side of metallurgists for many centuries before that.
From the Heavens
Like all elements with an atomic number higher than iron, tungsten cannot be created by nuclear fusion in stars like our sun.
Instead, tungsten is thought to be formed from the explosions of massive stars. Each supernova explosion has so much energy, that these newly created elements are jettisoned at incredible speeds of 30,000 km/s, or 10% of the speed of light – and that’s how they get dispersed throughout the universe.
Supernova explosions don’t happen often – as a result, in every 1,000,000 grams of the Earth’s crust, there are only 1.25 grams of tungsten.
An Unusual History
In the periodic table, tungsten is listed under the letter “W”. That’s because two names for the same metal actually arose simultaneously.
WOLFRAM: derived from the German words WOLF (English: wolf) and the Middle High German word RAM (English: dirt).
In the Middle Ages, tin miners in Germany complained about a mineral (wolframite) that accompanied tin ore and reduced tin yields when smelting.
With a longish, hair-like appearance, wolframite was thought to be a “wolf” that ate up the tin. Wolframite had plagued metallurgists for many centuries, until tungsten was discovered and proper methods were developed to deal with the heavy metal.
TUNGSTEN: derived from the Swedish words TUNG (English: heavy) and STEN (English: stone) due to its density
Scheelite, the other important tungsten ore, was discovered in an iron mine in Sweden in 1750.
It garnered interest for its incredible density – which is why it was named “heavy stone”.
The metal was discovered by Spanish nobleman Juan José D´Elhuyar, who eventually synthesized tungsten from both wolframite and scheelite – showing they were both minerals from the same new element.
History of Tungsten Uses
Discoveries in tungsten use can be loosely linked to four fields: chemicals, steel and super alloys, filaments, and carbides.
1847: Tungsten salts are used to make colored cotton and to make clothes used for theatrical and other purposes fireproof.
1855: The Bessemer process is invented, allowing for the mass production of steel. At the same time, the first tungsten steels are being made in Austria.
1895: Thomas Edison investigated materials’ ability to fluoresce when exposed to X-rays, and found that calcium tungstate was the most effective substance.
1900: High Speed Steel, a special mix of steel and tungsten, is exhibited at the World Exhibition in Paris. It maintains its hardness at high temperatures, perfect for use in tools and machining.
1903: Filaments in lamps and lightbulbs were the first use of tungsten that made use of its extremely high melting point and its electrical conductivity. The only problem? Early attempts found tungsten to be too brittle for widespread use.
1909: William Coolidge and his team at General Electric the U.S. are successful in discovering a process that creates ductile tungsten filaments through suitable heat treatment and mechanical working.
1911: The Coolidge Process is commercialized, and in a short time tungsten light bulbs spread all over the world equipped with ductile tungsten wires.
1913: A shortage in industrial diamonds in Germany during WWII leads researchers to look for an alternative to diamond dies, which are used to draw wire.
1914: “It was the belief of some Allied military experts that in six months Germany would be exhausted of ammunition. The Allies soon discovered that Germany was increasing her manufacture of munitions and for a time had exceeded the output of the Allies. The change was in part due to her use of tungsten high-speed steel and tungsten cutting tools. To the bitter amazement of the British, the tungsten so used, it was later discovered, came largely from their Cornish Mines in Cornwall.” – From K.C. Li’s 1947 book “TUNGSTEN”
1923: A German electrical bulb company submits a patent for tungsten carbide, or hardmetal. It’s made by “cementing” very hard tungsten monocarbide (WC) grains in a binder matrix of tough cobalt metal by liquid phase sintering.
The result changed the history of tungsten: a material which combines high strength, toughness and high hardness. In fact, tungsten carbide is so hard, the only natural material that can scratch it is a diamond. (Carbide is the most important use for tungsten today.)
1930s: New applications arose for tungsten compounds in the oil industry for the hydrotreating of crude oils.
1940: The development of iron, nickel, and cobalt-based superalloys begin, to fill the need for a material that can withstand the incredible temperatures of jet engines.
1942: During World War II, the Germans were the first to use tungsten carbide core in high velocity armor piercing projectiles. British tanks virtually “melted” when hit by these tungsten carbide projectiles.
1945: Annual sales of incandescent lamps are 795 million per year in the U.S.
1950s: By this time, tungsten is being added into superalloys to improve their performance.
1960s: New catalysts were born containing tungsten compounds to treat exhaust gases in the oil industry.
1964: Improvements in efficiency and production of incandescent lamps reduce the cost of providing a given quantity of light by a factor of thirty, compared with the cost at introduction of Edison’s lighting system.
2000: At this point, about 20 billion meters of lamp wire are drawn each year, a length which corresponds to about 50 times the earth-moon distance. Lighting consumes 4% and 5% of the total tungsten production.
Today, tungsten carbide is extremely widespread, and its applications include metal cutting, machining of wood, plastics, composites, and soft ceramics, chipless forming (hot and cold), mining, construction, rock drilling, structural parts, wear parts and military components.
Tungsten steel alloys are also used the in the production of rocket engine nozzles, which must have good heat resistant properties. Super-alloys containing tungsten are used in turbine blades and wear-resistant parts and coatings.
However, at the same time, the reign of the incandescent lightbulb has come to an end after 132 years, as they start to get phased out in the U.S. and Canada.
How to Avoid Common Mistakes With Mining Stocks (Part 3: Jurisdiction)
“Location, location, location…”
This famous real estate adage also matters in mining. After all, it’s an industry that is all about the geology—but beyond the physical aspects and the location of a mineral deposit, there are also social and environmental factors that create a mining jurisdiction.
Common Mistakes With Jurisdiction
We’ve partnered with Eclipse Gold Mining on an infographic series to show you how to avoid common mistakes when evaluating and investing in mining exploration stocks.
Part 3 of the series focuses on six signals investors can use to gauge a company’s preparedness for the jurisdictions they operate in.
#1: Geological Potential: Methodical Prospecting or Wild Goose Chase?
It all starts with a great drill result, but even these can be “one-off” anomalies.
Mineral exploration is a methodical process of drawing a subsurface picture with the tip of a drill bit. A mineral discovery is the cumulative effort of years of research and drilling.
The key to reducing this geological risk is to find a setting that has shown previous potential and committing to it. Typically, a region is known to have hosted other great discoveries or shares a geology similar to other mining districts.
Signs of Methodical Prospecting:
- Lots of geological indicators
- Potential for further discovery
- Sound science
#2: Legal Environment: Well-Paved Path or Minotaur’s Maze?
Now that you have identified a region with the prospective geology you think could host a discovery, a company will have to secure the permits to explore and operate any further.
However, a management team that cannot navigate a country’s bureaucracy will face delays and obstacles, costing investors both time and money.
Without clear laws and competent management, a mining company’s best laid plans become lost in a maze with legal monsters around every legal corner.
Signs of a Well-Paved Highway:
- Existing laws encourage mining investment
- Relatively low bureaucracy
- Well-established permitting process
- Legacy of mining contributing to economy
#3: Politics: Professional Politics or Banana Republics?
A good legal framework is often the outcome of politics and stable governance—however so is a difficult legal framework.
The political stability of a nation can turn on one election and so can the prospects for developing a mine. An anti-mining leader can halt a mining project, or a pro-mining leader can usher forward one.
A positive national viewpoint on mining may be enough to lure investment dollars, but local politics may determine the success of a mining company.
Signs of Professional Politics:
- Positive history with mining companies
- Politically stable jurisdiction
- Rule of law respected
- Changes in government have little effect on the mining industry
#4: Infrastructure & Labor: Modern or Medieval
Sometimes it is the discovery of valuable minerals that spurs national development, but this can also happen the other way around, in which development can encourage mineral discovery.
A mining company looking to build a new mine in a country with a tradition of mining will have an easier time. Access or lack thereof to modern machinery and trained employees will determine how much money will be needed.
That said, if a company is looking to develop a mining project in a new mining region, they must be ready to help create the skills and infrastructure it needs to mine.
Signs of a Modern Jurisdiction:
- Developed roads to access and support operations
- Trained labor for staffing and development
- Well-established grid lines and back-up power systems
#5: Community: Fostering Friendship or Sowing Enemies
Mining operations have a significant impact on the local community. Good companies look to make mutually beneficial partnerships of equals with local communities.
Ignoring or failing to respect the local community will jeopardize a mining project at every stage of its mine life. A local community that does not want mining to occur will oppose even the best laid plans.
Signs of a Friendly Relations:
- Operations bring community together
- Local history shows support for mining
- Understanding of local concerns and regional variety
- Company contributes to economic growth and health of the community
#6: Environment: Clean Campsite or One Night Party
There is no way around it: mining impacts the environment and local ecosystems. But, mining operations are a blip on the radar when it comes to Earth’s timeline.
Mine sites can again become productive ecosystems, if a company has the capacity and plan to mitigate mining’s impacts at every stage of the life of a mine—even beyond the life of a mine.
Signs of a Clean Campsite:
- Development plan mitigates environmental damage
- Well-planned closure and remediation
- Understand how communities use their environment
Bringing it together: ESG Investing
These six points outlined above point towards a more complete picture of the impacts of a mining project. Currently, this falls under what is labeled as Environmental, Social and Governance “ESG” standards.
Mining companies are the forefront of a big push to adopt these types of considerations into their business, because they directly affect natural and human environments.
ESG is no longer green wash, especially for the mining industry. Companies that understand and apply these concepts in their business will have better outcomes in the jurisdictions they operate within, hopefully offering investors a more successful venture.
Geology does not change on the human time scale, but bad management can quickly lose a good project and investor’s money if they do not pay attention to the other attributes of a jurisdiction.
Silver Bulls: Visualizing the Price of Silver
Silver has always proved its value throughout history. From ancient coins to jewelry, silver retains its value and goes through tough times.
Silver Bulls: Visualizing the Price of Silver
Silver has always shown its value throughout history. From ancient coins to its use as a global currency during the Age of Discovery, silver has circulated the world to become an important financial asset. Its value continues to shine in the era of the modern finance industry.
Today’s infographic comes to us from New Pacific Metals and it takes a look at the bull markets in silver prices and the future of silver.
Silver Bulls: 1967 to Today
The late 1960s marked the beginning of the end for silver as currency, but also the start of its use in protecting and securing wealth.
In the United States, silver certificates were issued by the Treasury until late 1963, when the $1 Federal Reserve Note was released into circulation. After this, the remaining silver certificates were still redeemable for silver, but this practice ended in 1968.
Since then, silver has had several bull markets in which prices have increased—or as some silver aficionados may argue, the relative value of fiat currency has decreased.
|Percentage Gain||Price Range (USD)*||Duration|
|Silver Bull #1 (1967-68)||49%||$12.50 - $18.58||13 months|
|Silver Bull #2 (1971-74)||274%||$8.45 - $31.59||27 months|
|Silver Bull #3 (1976-80)||544%||$18.40 - $118.50||48 months|
|Silver Bull #4 (1986-87)||40%||$12.47 - $17.48||12 months|
|Silver Bull #5 (1993-95)||39%||$6.47 - $9.00||27 months|
|Silver Bull #6 (2001-11)||827%||$6.01 - $55.69||113 months|
|Silver Bull #7 (2015-Present?)||90%||$15.04 - $28.53||56 months|
*Inflation-adjusted data using CPI from BLS, LBMA Monthly prices
That said, not all silver bull markets are the same, nor do they necessarily coincide with bull markets in the price of gold.
Performance: Gold vs. Silver
Despite being often referred to as “poor man’s gold”, silver has actually outperformed gold in five of the six previous bull markets for gold and silver.
There are two ways to look at how silver prices performed during these timeframes:
- We can compare silver price performance to corresponding peaks and troughs of the gold price
- We can also look at silver prices based on its own peaks and troughs, irrespective of gold
Often, gold prices move first with silver prices quickly following—but then, silver can outperform gold on its own timeline.
|Gold Performance||Silver Performance||Silver Performance|
|Based on gold's peaks and troughs||Based on silver's peaks and troughs|
|Silver Bull #1||40%||-17%||100%|
|Silver Bull #2||455%||144%||432%|
|Silver Bull #3||715%||912%||977%|
|Silver Bull #4||78%||27%||94%|
|Silver Bull #5||28%||63%||75%|
|Silver Bull #6:||636%||904%||45%|
Source: CPM Group (Nominal data)
More recently, prices of silver have been on an upward trend since 2015 and some would say we are in a new bull market for the precious metal. For however longer, it is anyone’s guess.
The Future of Silver?
While the future price direction of silver is difficult to predict, this doesn’t diminish the increasing importance of silver’s role as a metal in an electrified future.
As you can see in the demand breakdown below, silver is not only precious—it is useful:
|Silver Demand (2019)||Millions of Ounces|
|...of which Photovoltaics||98.7|
|Net Physical Investment||186.1|
Source: Silver Institute
While silver’s uses and applications continue to grow, silver remains a safe haven investment from political uncertainty and economic distress—all while being a cheaper and better alternative to gold.
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