Name of the Project
Mt Carbine tungsten mine expansion project.

Location
Far north Queensland, Australia.

Project Owner/s
EQ Resources.

Project Description
Mt Carbine is an operating mine.

The expansion bankable feasibility study (BFS) proposes a 12-year operation, which focuses on the openpit development of the Andy White deposit, supplemented by the processing of 12-million tonnes of low-grade stockpiled ore.

The project is expected to produce 2 200 t/y of tungsten.

The study uses only about 15.5% of the Mt Carbine in situ mineral resource covered in the production forecast and provides significant underground potential. The BFS outlines a phased investment approach, with Phase 1 and Phase 2 enabling the company to restart the openpit and generate positive cash flow without over-capitalising the project. This is in advance of Phase 3, which aims to expand the pit and rehabilitate underground workings.

The openpit ore will be processed in the third and fourth year of operations.

The project includes the low-cost expansion of existing crushing, screening and X-ray transmission sorting operations, as well as the further expansion of the existing processing plant.

The BFS envisages a constant feed of one-million tonnes a year of ore to the run-of-mine over the life-of-mine.

A potential expanded ore reserve from the openpit, as well as conceptual design and costing for an underground mining operation (Phase 3), will be developed in a separate scoping study.

Potential Job Creation
Not stated.
 

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $131.5-million and an after-tax internal rate of return of 154%, with a payback of 2.25 years.

Capital Expenditure
A$21-million.

Planned Start/End Date
Not stated.

Latest Developments
EQ Resources is fully funded for the development of its Mt Carbine expansion project.

The company has secured commitments from its joint venture and offtake partner German Cronimet Group, as well as from its director Zhui Pei Yeo for A$5.7-million in additional funding.

This funding is in addition to the A$6-million recently awarded by the federal government under its critical minerals accelerator initiative.

Key Contracts, Suppliers and Consultants
JukesTodd (BFS).

Contact Details for Project Information
EQ Resources, tel +61 7 4094 3072 or email info@eqresources.com.au.