Join our daily newsletter At The Bell to receive exclusive market insights
- EQ Resources (EQR) secures commitments for additional funding of $5.7 million for its Mt Carbine Expansion Project from CRONIMET Group and EQ’s Director
- These commitments come on the back of the recently awarded $6 million grant from the Federal Government’s Critical Minerals Accelerator Initiative (CMAI)
- The company’s now has up to $16.5 million in funding, which will fully fund the plant expansion aimed at transforming historic mine waste into a sustainable source of tungsten
- The new Sandvik crushing and screening circuit is a central part of the next phase of production uplift, and is expected to be installed by the fourth quarter of 2022
- EQ Resources shares are down 3.08 per cent, trading at 6.3 cents each
EQ Resources (EQR) has secured commitments for a total of $5.7 million in additional funding from its joint venture and offtake partner CRONIMET Group and its Director Zhui Pei Yeo for its Mt Carbine Expansion Project.
These commitments come on the back of the recently awarded $6 million grant from the Federal Government’s Critical Minerals Accelerator Initiative (CMAI) which focuses on supporting advanced critical minerals projects of strategic importance.
The total available funding now stands at up to $16.5 million, which will fully fund the Mt Carbine plant expansion aimed at transforming historic mine waste into a sustainable source of tungsten, along with a green aggregate by-product.
“These funding facilities close out our Capex financing effort for the Mt Carbine plant expansion,” CEO Kevin MacNeill said.
“CRONIMET has signed a multi-year offtake contract with a ‘tier 1’ customer, with significant prepayment which CRONIMET will pass through to the project one-to-one. It is great to see our concentrate is being well received by end-users.”
The company had achieved great progress with its Early Works Program, targeted for completion in May 2022 and supporting the production increases towards the targeted concentrate output of 75 to 90 tonnes per month on short-term.
The new Sandvik crushing and screening circuit is a central part of the next phase of production uplift, and is expected to be installed by the fourth quarter of 2022.
Discovered in the late 1800s, the Mt Carbine Tungsten Mine in Queensland is considered Australia’s only primary tungsten producer and is 100 per cent owned by EQ Resources.
EQ has notified its investors of an upcoming webinar on May 9, with details to follow soon.
EQ Resources shares were down 3.08 per cent, trading at 6.3 cents as of 10:53 am AEST.
