Ann: Webinar - Mt Carbine Tungsten Project Update, page-44

Getting more media exposure - this one via Mining Weekly
Great to hear the Qld Govt is happy

https://www.miningweekly.com/article/qld-govt-eager-for-mt-carbine-restart-2023-06-06

Qld govt eager for Mt Carbine restart

6th June 2023

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PERTH (miningweekly.com) – The Queensland government is enthusiasticabout the restart of ASX-listed EQ Resources’ Mt Carbine tungsten project,saying on Tuesday that the project will bring jobs and economic benefits to theregion.

EQ Resources last week awarded a A$179-million contract to NRWsubsidiary Golding Contractors to restart openpit mining at Mt Carbine.

Mt Carbine is currently Australia’s onlyprimary tungsten producer, producing about 350 t/y of concentrate from existingtailings and low-grade stockpiles. Once opencut mining begins, production isexpected to ramp up to between 60 t a month and 90 t a month.

“This is an important step forward for both Queensland’s growingcritical minerals sector, and our renewable energy transition,” ResourcesMinister Scott Stewart said on Tuesday.

“Demand for critical minerals such as tungstenis increasing exponentially as the world moves towards decarbonisation.

“The transformation of this mine reflects one of the key themes of ourQueensland Resources Industry Development Plan, which is to provide new lifefor old mines. Importantly, this mine will provide up to 135 good, secure jobsfor Far North Queenslanders which will also mean economic benefits for theentire region.

“Together our Resources Industry Development Plan will work hand inglove with the Energy and Jobs Plan to help get these minerals out of theground to build the solar panels, wind farms, electric vehicles and batterieswe need for the future.”

EQ Resources CEO Kevin MacNeill said on Tuesday that MtCarbine was already a major jobs provider in the region and would grow furtherin coming months as production ramped up.

“The opencut mine will provide a five-fold increase in grade qualitywhich will allow us to become a global leader in tungsten supply. Our plan isfor the Mt Carbine mining leases and surrounding exploration tenements tobecome a top three tungsten producer outside of China.

“We are also looking to make a major contribution to economicdevelopment in the Cairns hinterland including upgrading services and providingemployment opportunities in a region hit hard by Covid-19 lockdowns.”

An updated bankable feasibility study (BFS) for the Mt Carbine expansionproject in May estimated that the project would deliver 38 570 t oftungsten over a ten-year production schedule, resulting in a net present valueof A$307-million and an internal rate of return of 477%.

The updated BFS estimated acapital cost of 18.5-million for the project, with the C1 costs estimated at$104/t once full capacity has been reached. Life-of-mine earnings beforeinterest, taxes, depreciation and amortisation has been estimated atA$450-million.