Australian-based EQ Resources (EQR) has locked in a five-year tungsten supply deal with leading US-owned and fully integrated tungsten manufacturer, Elmet Technologies.
The agreement provides the parties a pathway to jointly work on US Government funding opportunities, with the aim to enhance critical materials supply and further downstream integration of EQR’s tungsten concentrate into the US tungsten supply chain.
The tungsten will primarily head to the US from EQR’s Mt Carbine mine in New South Wales, as well as its Barruecopardo operation in Spain.
Commenting on the $30 million deal, EQR chief executive officer Kevin MacNeill also celebrated a production boost at Barruecopardo.
“Formalising arrangements with US-owned Elmet Technologies is a key strategic pillar in the path forward for EQR as we continue to build our reputation as a reliable western producer of tungsten concentrate to the world,” MacNeill said.
“Critical mineral security continues to be a top priority globally as the world navigates geopolitical events and a shortage of quality critical mineral deposits.
“This is why EQR is joined by its key strategic partners and continues to invest in its high-quality tungsten operations in Spain and Australia.
“It is extremely pleasing to see our operations in Spain continue to outperform and produce new production and recovery records in October on the back of significant improvement works in recent months.
“The outcomes of the improvement plans are testament to the dedication of the quality team and management we have in place at the operation.”
EQR and Elmet have submitted a joint white paper under the US Defence Industrial Base Consortium grant program, which is open to industry partners in Australia, Canada and the UK. An outcome of the application is pending.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
