Mt Carbine Tungsten mine receives key funds for expansion, jobs creation

FUNDS

Michael Warren

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Mt Carbine Tungsten Mine has received key funding assistance. Picture: Supplied

In a positive development EQ Resources has secured a substantial funding arrangement from the Queensland Critical Minerals and Battery Technology Fund that will provide strong benefits for prospective and current local mine workers across the Douglas Shire.

A EQ Resources spokesperson said since returning to operation in 2019, Mt Carbine Tungsten Mine has become a major employer in the Far North, where 175 workers and contractors are on track to produce around 3,000 tonnes of tungsten concentrate every year.  

The investment through the Queensland Critical Minerals and Battery Technology Fund will allow EQ Resources to potentially extend the existing mine by further exploring and defining the tungsten resources accessible through underground mining at Mt Carbine, creating up to 100 jobs.

This initiative is poised to bolster Queensland's critical minerals sector and enhance the state's contribution to the global supply chain of these essential resources.

Possessing the highest melting point and tensile strength of all pure metals, tungsten has a range of renewable energy applications, including solar cells, wind turbines, and battery storage.  

QIC State Chief Investment Officer Allison Hill said securing additional tungsten mineralisation will strengthen Queensland’s position as a significant contributor to global critical minerals supply chains.  

“There are relatively few mines globally in a position to fill anticipated supply-demand gaps for tungsten asexisting outputs are challenged and demand for clean energy technologies grows,” Ms Hill said.  

“Mt Carbine is one of them, where workers are on track to produce around 3,000 tonnes of tungsten  concentrate every year."

EQR Chief Executive Officer Kevin MacNeill said the company was pleased to receive such extensive and  attractive funding support. 

“This financing not only supports our recently announced expansion program to double capacity at Mt Carbine, but we also consider this a strong endorsement of our corporate strategy to further establish ourselves as a leading and responsible producer of globally relevant critical minerals,” Mr MacNeill said.  

“We look forward to responsibly contributing to the development of clean energy technologies alongside our  offtake partners using high-quality tungsten powders in battery technologies and energy storage  applications.”

Key points:

The Queensland Critical Minerals and Battery Technology Fund will provide EQR’s Mt Carbine Tungsten Mine with an up to $20 million 3-year loan facility.

Tranche A: $12m will assist in doubling processing capacity and commencing underground drill testing.

Tranche B: $8m will continue underground drill testing and start underground trial mining.

The lightly explored underground resource, accessible from the existing open pit, using a 1980s decline, offers higher grades and considerable resource upside.

Expansion program to assist securing global supply of the critical mineral ahead of forecast global shortages and as prices started to increase (+10% quarter-on-quarter).

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