Australia's EQ Resources, Vietnam's Masan sign tungsten mining deal

Masan High-Tech Materials Corporation, a subsidiary of Masan Group, has announced the signing of a memorandum of understanding with Australia's EQ Resources Limited, and its existing joint venture partner, Cronimet Australia Pty Ltd related to the Mt Carbine Tungsten Project in Far North Queensland, Australia.

The MoU will establish a working relationship based on reciprocity and mutual benefit, exchanging knowledge and experiences around tungsten exploration, mining, and processing, potentially assessing new project opportunities, and product applications, Masan said in a release.

EQ Resources Limited (EQR) is the 100% owner of Mt Carbine Tungsten Mine near Cairns, Australia’s only primary tungsten producer.

The MoU is augmented by an existing long-term offtake agreement that Cronimet Group has signed with Masan High-Tech Materials Corporation (MHT), which will see approximately 70% of Mt Carbine's production for the next four years allocated to MHT.

The proposed strategic partnership between EQR, Cronimet and Masan High-Tech Materials aims to continue Mt Carbine’s growth into a world-class sustainable tungsten operation.

The signing was witnessed by German Parliamentary State Secretary of the Federal Ministry for Economic Affairs and Climate Action, Dr. Franziska Brantner, and German Ambassador to Australia, Dr. Markus Ederer. Brantner visited Australia between April 3 and 7, together with a high-profile German industry delegation, to meet with Australian government representatives, various industry groups and to establish business-to-business relations in the fields of critical minerals and hydrogen.

Brantner and the German Ministry’s public endorsement of the partnership MoU is a significant milestone for the Mt Carbine project, as it will further strengthen the partnership between the companies and demonstrate the global demand for the critical mineral produced by Mt Carbine Tungsten Project.

EQR’s CEO, Kevin MacNeill, commented: “German high-tech industries are urgently calling for sustainably produced tungsten and EQR is perfectly positioned to meet these long-term demands as an environmentally responsible, sustainable, and stable Western tungsten producer. While Masan High - The Materials is Vietnam headquartered, their 100% subsidiary H.C. Starck is a leading tungsten processor with its headquarters in Germany. With EQR’s joint venture partner, Cronimet being headquartered in Germany, the partnerships between the countries and companies strategically align.”

“The signing of theo based on the existing offtake agreement represents a significant milestone in the development of the Mt Carbine Tungsten Project and demonstrates the strength of the partnerships being forged to establish a leading Western tungsten operation,” MacNeill said.

The signing of the MoU comes as both governments strengthen their cooperation on critical minerals. During the visit of Brantner to Perth, a joint government-to-government declaration was signed with Hon Madeleine King, Minister for Resources and Minister for Northern Australia.

The declaration will support a joint study to help Australia meet its ambitions to develop value-added industries around critical minerals, from extraction, refinement and recycling, and to help Germany secure reliable supplies of critical minerals to underpin its manufacturing activities.