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    EQ Resources Reports New Monthly Tungsten Production Record

    Gabrielle De La Cruz
    Oct. 04, 2024 01:20AM PST

    Production from the company's Mount Carbine and Barruecopardo tungsten mines reached a new monthly record of 20,721 metric ton units in September.

    Tungsten periodic symbol.
    Just_Super / iStock

    EQ Resources (ASX:EQR) hit a monthly tungsten production record of 20,721 metric ton units (mtu), the company said on Wednesday (October 2). The amount is a 15 percent increase from its previous monthly record.

    In its first fiscal quarter of 2025, the company reported a 31 percent rise in output from the previous period.

    EQ said in a press release that the increases were due to improving ore grades at its Mount Carbine mine in Queensland, as well as the successful implementation of recovery-enhancing upgrades at the Barruecopardo mine in Spain.


    “Production continues to ramp up at Mt Carbine since we re-entered the Andy White open pit in June of last year, while our teams at Barruecopardo have been implementing and installing a capital-lite continuous improvement program since EQR assumed ownership of the mine in January,” explained company CEO Kevin MacNeill.

    In September, Mount Carbine hit a daily production record of 641 mtu, up from its previous daily record of 571 mtu. Barruecopardo recorded a 21 mtu increase in its daily output record, climbing from 497 mtu to 518 mtu per day.

    EQ notes that its higher mining rates came in tandem with further restrictions on critical minerals exports from China, along with the US government’s additional 25 percent tariff on the import of Chinese tungsten products.

    MacNeill said China controls more than 80 percent of global tungsten output, adding that the western world has only brought four tungsten mines into operation in the past 15 years. Two of these mines are operated by EQ, which the company perceives as “a unique value proposition that gains interest from policymakers.”

    The company is looking at cooperation and funding opportunities domestically and via US and EU agencies.

    In July, EQ completed the acquisition of its partner CRONIMET’s 50 percent interest in the Mount Carbine retreatment joint venture. The company is now responsible for all obligations under the offtake agreement, as well as all assets and liabilities of the joint venture. CRONIMET has assumed a marketing role for the company’s Saloro concentrate.

    Don’t forget to follow us @INN_Australia for real-time news updates!

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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    Gabrielle De La Cruz
    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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