One of these new technologies is a thermo-mechanical process which allows recyclers to break down tungsten from alloys in drill bits, machine parts, and other products to produce a high-grade powder suitable for new manufacturing uses.

“We see incredible earning potential in tungsten recycling as this unique metal becomes more and more critical to modern life,” said GTSO CEO Paul Watson. “In addition to profit potential realized through this technology, recycling also offers a much more environmentally friendly solution than mining to increase global supplies of this invaluable metal.”

“GTSO will continue to pursue advantageous new agreements and potential partnerships with the emerging leaders in tungsten mining and exploration as we explore innovative ways to recycle waste and capitalize on the mineral’s soaring global demand,” he added.

In February, Sandvik Coromant reported it was increasing its focus on tungsten carbide recycling, calling it a 'business opportunity'.