A new agreement between Group 6 Metals (G6M) and the Tasmanian Government is set to secure the future of the Dolphin tungsten mine.
Under the agreement, the Tasmanian Government will convert its existing $10 million loan to G6M into an equity stake, strengthening the company’s financial position and allowing for mine operation improvements.
“The Dolphin tungsten mine is a major employer on King Island and a key contributor to the local economy,” Tasmanian Minister for Resources Eric Abetz said.
“This is intended to be a short to medium-term investment to help stabilise the mine through challenging global conditions.”
According to G6M, Dolphin hosts the highest-grade tungsten deposit of significant size in the western world. It first operated from 1917 to 1992 before G6M recommenced operations in 2023.
Located on the southeast coast of King Island, Dolphin employs around 95 people full-time and is the largest employer on the island.
“Our support ensures the mine has the opportunity to succeed and continue creating jobs and economic activity for King Island,” Abetz said.
“The Tasmanian Government remains committed to working closely with the company to support the mine’s ongoing operations and ensure its long-term viability.”
In April 2024, Dolphin produced about 94 dry tonnes of concentrate at an average grade of 57.1 per cent for 5380 metric tonne units of tungsten trioxide.
A total of 115.05 dry tonnes of concentrate at 57.38 per cent tungsten trioxide was also shipped in April, a record month for G6M.
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