EQ Resources has announced the renewal of two key mining leases for a further 19 years.
The two mining leases, ML4867 and ML4919, fall under the Mt Carbine Tungsten project, Australia’s only primary tungsten producer. It aims to be a pre-eminent Australian tungsten producer from the historic Mt Carbine tungsten mine in far north Queensland.
The ML4867 and ML4919 mining leases at Mt Carbine cover 358.5 hectares and 7.891 hectares, respectively, and cover the major and current working areas at the critical minerals operations north of Cairns and near the mining township of Mt Molloy.
EQ Resources said the two mining lease renewals are at the core of its plans to expand its tungsten mining base.
The lodgement process for renewal was undertaken during the past year and included a submission of an initial mine plan for the first five years of mining.
The submitted mine plan outlined the open-pit and potential future underground operations at Mt Carbine, which included information about its bankable feasibility study and the environmental authority document.
EQ Resources’ chief executive officer Kevin MacNeill said the mining lease renewals were a big step forward for the project and should be seen as a vote of confidence.
“Mt Carbine is already a major jobs-provider in the region and will grow further in coming months as production of primary ore from the re-opened Andy White pit cements the economics of the project and changes the company profile,” MacNeill said.
“Mt Carbine will graduate from producing tungsten concentrate from low-grade previously mined waste to full-scale mining and treatment of higher-grade primary ore.
“EQ Resources is looking to make a major contribution to economic development in the Cairns hinterland, upgrading services and providing employment opportunities in a region hit hard by the COVID pandemic lockdowns.”