Name of the Project
Mt Carbine tungsten mine expansion project.

Location
Far north Queensland, Australia.

Project Owner/s
Resources company EQ Resources.

Project Description
A bankable feasibility study (BFS) update, completed in May 2023, has proposed a ten-year operation. The update covers total concentrate production of about 38 570 t (50% tungsten content) over a ten-year period, an increase of 25% on the last BFS output.

Project implementation comprises two phases.

In Phase 1, processing plants have provided the data needed to design a plant that is optimised for the Mt Carbine mineralogy to maximise tungsten recovery. The Phase 2 plant upgrades are under way, along with the new crushing plant.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $307.1-million and an pretax internal rate of return of 477%, with a payback of less than one year.

Capital Expenditure
A$18.5-million.

Planned Start/End Date
Mining is set to start in June 2023. The crushing plant is set for commissioning in early 2024.

Latest Developments
EQ Resources has received a letter of interest (LoI) from the Export-Import Bank of the United States (Exim) to support the expansion of the Mt Carbine project.

The LoI falls under Exim’s supply chain resiliency initiative (SCIR) and signals that the bank is able to consider a ten-year debt facility of up to $34-million to support the capital expansion and further development of the operation.

The SCIR, launched by Exim, aims to finance mining projects outside of China to diversify and strengthen the supply chain of critical minerals, which are increasingly vulnerable to export restrictions and geopolitical risks. Tungsten is designated as a critical mineral by the US, the EU, and Australia.

Long-lead items and major equipment for the planned plant expansion have already been delivered to site. 

Key Contracts, Suppliers and Consultants
Turner & Townsend JukesTodd (BFS).

Contact Details for Project Information
EQ Resources, tel +61 7 4094 3072 or email info@eqresources.com.au.