Monitor this situation.
Unsubscribe anytime.
[SITUATION] · [QUIET] · [BUSINESS]
2 clusters · 4 sources · 7 days · First seen · Last updated
Global tungsten supply and Western production expansion
Overview
Global tungsten prices have reached record highs, driven by a supply crunch resulting from declining mine output and export restrictions in China. This price surge has benefited producers like EQ Resources, whose shares rose significantly as demand increases across the defense, aerospace, and semiconductor sectors.
In response to these market conditions and the need for Western supply chain security, EQ Resources has announced a $39 million expansion of its Mt Carbine operation in Australia to double ore crushing capacity by March 2027. Additionally, the company has entered a binding framework agreement with The Elmet Group and Blue Moon Metals to support the restart of a tungsten processing plant in Nevada, USA. Through this agreement, EQ Resources will take a 10% stake in the Nevada joint venture and supply 4,000 tonnes of tungsten concentrate over eight years, sourced from its operations in Australia and Spain.
Entities
China · Mt Carbine project · Barruecopardo mine · Spain · EQ Resources Ltd.
Timeline
-
[BUSINESS] 2 sourcesEQ Resources expands Mt Carbine mine and enters US tungsten processing deal
EQ Resources is investing $39 million to expand its Mt Carbine tungsten mine in Australia and has partnered with US firms to supply a new processing plant in Nevada to secure Western supply chains.
-
[BUSINESS] 2 sourcesEQ Resources shares rise amid record tungsten prices
EQ Resources shares jumped over 11% as record-high tungsten prices drive demand for critical minerals outside of China.
Sources
chamberlainplumbing.co.uk · ibtimes.com.au · nemosnewsnetwork.com · theexpressnewspaper.com.au