EQ Resources Takes 10% Stake in U.S. Tungsten Processing JV

Australian tungsten producer EQ Resources has agreed to take a 10% stake in a US joint venture to restart the Springer ammonium paratungstate processing plant in Nevada. The existing facility has a 4,000-tonne-per-year processing capacity, which will require refurbishment and upgrades before production can resume. Elmet will provide the initial $75 million of funding, supported by the US Department of War. EQ Resources' funding exposure is limited in the initial stages, with the company having access to 1,000 tonnes per year of processing capacity at Springer for the first five years of operations.