EQ Resources attracts $20m backing for expansion plans

EQ Resources is fast-tracking its expansion plans at the Mount Carbine tungsten mine after the Queensland Investment Corporation approved a three-year funding facility for up to $20 million. QIC state chief investment officer Allison Hill said there were relatively few mines globally in a position to fill anticipated supply-demand gaps for tungsten as existing outputs were challenged and demand for clean energy technologies grew. The backing for EQ Resources is being drawn from the Queensland Critical Minerals and Battery Technology Fund, established to assist miners and refiners of critical minerals and the development and manufacturing of battery technologies and advanced materials. "Our investment through the Queensland Critical Minerals and Battery Technology Fund provides a pathway for EQ Resources to extend the existing mine by further exploring tungsten resources accessible through underground mining," Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick said. "New plant equipment, drill testing and trial mining is forecast to increase capacity and extend the mine’s life by at least five years, ensuring global demand for tungsten continues to deliver local opportunities for Far North Queenslanders.” Related: EQ Resources equipped to double crushing throughput EQ Resources said Tranche A funding of $12 million would assist in doubling processing capacity and commencing underground drill testing. Tranche B allows $8 million to continue underground drill testing and start underground trial mining. The lightly explored underground resource, accessible from the existing open pit mine using a 1980s decline, offers higher grades and considerable resource upside for the operation. "We are pleased that the opportunity has arisen for such extensive and attractive funding support from the Queensland Government," EQ Resources chief executive officer Kevin MacNeill said. "The provision of financing will support our recently announced expansion program to double capacity at Mount Carbine, but we also consider this a strong endorsement of the company’s corporate strategy to further establish ourselves as a leading and responsible producer of globally relevant critical minerals.” EQ Resources began open-pit mining at the historical tungsten site, north-west of Cairns, last year. It was a step up for the operation, which had been extracting tungsten from tailings and waste rock, fine-tuning and upgrading crushing and screening infrastructure along the way. Queensland Resources and Critical Minerals Minister Scott Stewart described the resurgence of tungsten production as another remarkable success story in Queensland’s critical minerals boom. "Since returning to operation in 2019, Mount Carbine tungsten mine has become a major employer in the Far North, where 175 workers and contractors are on track to produce about 3,000 tonnes of tungsten concentrate every year," he said. "The existing open-cut mine is forecast to reach its end of life by 2029, but the Miles Government is committed to supporting these workers and the communities they call home.” You may also like: https://industryqld.com.au/eq-resources-excited-to-probe-tungsten-site-potential

EQ Resources attracts $20m backing for expansion plans

Industry Queensland

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