EQ Resources Limited (EQR) has received the $3.96 million second tranche from the Australian Government’s $6 million Critical Mineral Accelerator Initiative (CMAI).
The co-investment from the CMAI will be used to support implementation of the scope defined in the Company’s recently updated Bankable Feasibility Study for a large-scale, sustainable source of the internationally recognised critical mineral as it is currently Australia’s only export source of primary tungsten. This involves making use of the high-grade materials that will soon be extracted from the freshly revived Andy White Open Pit and historical mine waste.
The additional drilling and upgraded gravity plant will benefit from the $3.96 million drawdown. Processing relatively low-grade ore that is now piled up above ground as well as high-grade deposits located in the Andy White Open Pit, which is slated to resume mining later this month, will be included in these efforts. Furthermore, EQR will become a substantial employer in the economy due to the growth and start of open-cut mining operations, with more than 140 workers anticipated.
The CMAI grant was allocated to Mt Carbine by Hon Minister Madeleine King, Minister for Resources and Northern Australia, to promote the development of critical minerals production, regional growth, job creation, and development across Northern Australia.
According to EQR, the funding will help the company complete a Bankable Feasibility Study for the revitalisation of the century-old mine site, a nearly $25 million capital expenditure program that is already nearly complete.
“Rebuilding of Mt Carbine is moving ahead efficiently. The Andy White open pit preparation and rehabilitation has been completed to a stage where we now have grade control drilling rigs on the dry pit floor ahead of the first mining of primary ore since the 1980s,” EQR CEO Kevin MacNeill said.
“The CMAI grant funding has been of great support for injecting new life into this project, creating jobs for 90 employees and up to 50 contract workers with our mining partners Goldings. Many of our new and expanded workforce will be living in the surrounding communities, contributing to our neighbourhoods, and enjoying the Far North Queensland lifestyle,” MacNeill added.
