Community & Business
10 November, 2022
Funding boost for Mt Carbine mine
THE Mt Carbine tungsten mine is set for a big redevelopment after mine owners, EQ Resources Limited, secured a $10 million royalty-based funding package through the Regal Resources Royalties Fund.
The first stage of funding is proposed to come in staggered stages and is subject to finalisation of the tax and legal due diligence and other landmark conditions, the first of which being the signing of the definitive agreement, followed by final environmental permitting for the restated open pit mining operations.
EQ Resources intends to negotiate the terms for an additional (second stage) $10 million.
EQ Resources is Australia’s only primary producer of tungsten concentrate and the ongoing expansion project at Mt Carbine continues the company’s commitment to building a sustainable mining operation in the Far North.
Advanced ore-sorting is playing a vital role in EQ Resources cost-efficient process flowsheet as well as facilitating production of Mt Carbine’s second value stream – green aggregates for road making and construction projects in Far North Queensland.
EQR’s Chief Executive Officer Kevin MacNeill said the funding could not have come at a better time for the company.
“We are pleased having secured support from such a high-profile fund in the Australian resource space – we have developed a strong working relationship with the Regal Royalties team,” he said.
“The timing to start this relationship is just about right, as we are scheduled to restart open cut mining from the Andy White pit in the second quarter of calendar year 2023.
“Our upgraded Ore Reserve Statement published last month is the basis for an expanded mine plan reporting into the BFS Update due in a few weeks’ time.
“In addition to the secured funding package announced earlier this year, the royalty funding allows us to aggressively drill for further resources to the west and below the existing pit, with many drill targets at an advanced stage of planning.”
Once fully commissioned, the mine is expected to host a permanent workforce of more than 100 workers with the current headcount being around 70.
