Andrew Forrest acquires 16.8% stake in EQ Resources tungsten miner

Australian billionaire Andrew Forrest, through his investment vehicle Wonongarra, purchased Oaktree Capital's 16.8% shareholding in EQ Resources, a tungsten producer that operates the Mt Carbine mine in Queensland and the Barruecopardo mine in Spain. The transaction comprised 862.13 million ordinary shares and 35.56 million options, valued at roughly $190 million.

EQ Resources said the change in cornerstone ownership will not affect day‑to‑day operations, management or staff, although shareholder rights such as the ability to appoint a director will shift to Wonongarra. Managing Director Craig Bradshaw described the deal as “a strong endorsement” and noted it backs Australian jobs and critical‑mineral supply chains. Forrest highlighted tungsten's essential role in infrastructure, energy systems and electronics, stressing the investment supports Australian expertise as global supply remains highly concentrated.