Carbine Tungsten was granted final approval for its stockpile processing facility.
Australian tungsten hopeful Carbine Tungsten (ASX:CNQ) was granted final approval for the tungsten stockpile processing facility for its Mt. Carbine tungsten project in Queensland, Australia. Included in the approval is a processing capacity of up to 3 million tonnes per year, a new hard-rock processing facility and the extraction of ore from about 12 million tonnes of hard-rock stockpiled tungsten material.
This latest approval was granted to Carbine Tungsten by the Queensland Department of Environment and Heritage Protection (DEHP), and is the final permit the company needs in order to start construction of the processing facility. Carbine Tungsten was granted approval for stockpile processing by the Environmental Authority earlier in August.
Jim Morgan, Carbine’s managing director, said in company statement that “[t]he approval for the Plan of Operations is the final document required towards the development of the stockpile processing phase of our Hard Rock Project.”
With both approvals in place, the company can now significantly increase production capacity in order to meet its goal of becoming a major tungsten producer.
“Given the global tungsten supply shortage and growing tensions around traditional Asian tungsten supply sources, Mt Carbine is well positioned having a ready supply of tungsten concentrates from its historically proven large scale mine,” Morgan told investors, adding, “[t]his provides Carbine with a realistic and significant global advantage and the opportunity to become a leading low cost, low risk, long term, free market tungsten supplier.”
On the back of today’s news, Carbine Tungsten shares have spiked 17.5 percent to trade at $0.047.
Securities Disclosure: I, Vivien Diniz, hold no direct investment interest in any company mentioned in this article.