Germanium
The fiber optics metal. Critical for internet infrastructure, military night vision, and space-grade solar cells. Unlike most metals, germanium has no primary mines—it's exclusively recovered as a byproduct of zinc and coal processing.
Price History ($/kg)
The Germanium Investment Thesis
Infrastructure Backbone
- • Global fiber optic network expansion (5G backhaul)
- • Data center growth driving demand for optical components
- • Undersea cable projects connecting continents
- • Satellite communications using Ge solar cells
Defense Critical
- • Night vision and thermal imaging systems
- • Missile guidance and targeting
- • Classified defense applications
- • US strategic stockpile material
The Byproduct Problem
Germanium is never mined directly. It's recovered from zinc ore processing (about 3 grams per ton of ore) and coal ash. This means supply is fundamentally tied to zinc and coal production—not germanium demand. When germanium prices rise, you can't simply "mine more." Supply is inelastic by nature.
This structural constraint, combined with growing demand from fiber optics and defense, creates a favorable long-term supply/demand imbalance for investors.
Applications
Global Supply Chain
China dominates germanium production, but unlike gallium, there's more geographic diversification. Belgium's Umicore is a major recycler, and Canada has emerging capacity.
However, China's July 2023 export controls on germanium (alongside gallium) highlighted supply chain vulnerabilities. Prices spiked immediately, and Western governments are now actively seeking to build strategic stockpiles.
Production by Country
How to Invest in Germanium
We source zone-refined germanium (99.999% purity) from established refineries with full documentation. Available in ingots and custom forms.