Plans for tungsten mine stall - sale to Asia

In addition to the project in Pöhla, SME AG is also active in the exploration of mineral resources in the Ore Mountains near Elterlein. According to the information provided, the main focus there is on tin deposits.

Prices for tungsten and tin have risen sharply

Will the millions from Asia now boost mining in Saxony? "Work has not yet begun on opening up the mine," said Bernhard Cramer, Head of the Upper Mining Authority in Freiberg, when asked. "The Saxon Mining Authority cannot estimate when mining operations can be expected." According to the information provided, SME has not yet submitted the necessary further operating plans. "We will start mining at the end of 2028," says SME CEO Staudenmaier as the new target.

The development of raw material prices supports the project. In 2025, the prices for tungsten had risen to new all-time highs - partly due to lower mine production in China and export controls in the country, as the German Mineral Resources Agency writes. The price of tin has also risen sharply since the announcement of the mining plans and was recently around 50,000 US dollars per tonne.

Citizens' initiative takes a critical view of the sale

However, the latest developments are being viewed with skepticism locally. New mining projects in the region offer opportunities, says Anja Storch, chairwoman of the Pöhlwassertal citizens' initiative. However, residents could face considerable burdens - for example with regard to much more truck traffic. There are also concerns about increased environmental pollution from radon in the air and contaminated mine water. A sale would entail further risks. Storch asks how sensible it is for everything to end up in foreign hands in Asia, when Germany and Europe want to become less dependent on raw materials from there.

His authority is not involved in the sales process, explains Chief Mining Inspector Cramer. "The sale of a company to a third party does not have to be approved by the Saxon Mining Authority." Nevertheless, the whole thing is not yet in the bag. According to Staudenmaier, approval from the Federal Ministry of Economics is still pending. It is not commenting on the specific case. "Please understand that we are unable to provide any information on any specific investment appraisal procedures due to the business and trade secrets of the companies involved in the acquisition," he said when asked.

He does not expect a result for several months, says Staudenmaier. He warns that overly strict conditions could lead to the investor backing out again. In this case, alternatives would continue to be sought.

• Schutzgemeinschaft der Kapitalanleger zur SME-Anleihe
• Deutsche Rohstoffagentur zur Preisentwicklung bei Wolfram

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