Mount Carbine tungsten mine owner EQ Resources has engaged Rock Financial Advisory to secure funding to expand the Far North Queensland operation.
EQ Resources expects to start approaching commercial and government financiers for debt funding within the next two weeks.
EQ Resources, in joint venture with CRONIMET Group, has shipped concentrate to tungsten manufacturers in the US, Europe and Asia in recent months.
Chief executive officer Kevin MacNeill said Mount Carbine’s expansion plans were a positive step to secure the supply of tungsten, a government-nominated critical mineral.
“As the project will drive regional economic development and support
additional employment in northern Australia, the company continues its dialogues with both Federal and State agencies for support of its expansion plans in parallel with assessing commercial sector financing options,” he said.
EQ Resources plans to reopen the 430m long historical decline at the Mount Carbine tungsten mine.
In January it received the green light from the Department of Environment and Science to allow underground sampling and exploration.
It runs a tailings reprocessing operation and quarry at the historical mine site and is looking to sort and process waste rock stockpiles as well.
EQ Resources was formerly know as Speciality Metals International. Shareholders passed a special resolution at the 2020 Annual General Meeting to change the company name.