EQ Resources awards A$179m mining contract at Mt Carbine

29th May 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – Tungsten developer EQ Resources has awarded a A$179-million contract to NRW subsidiary Golding Contractors to restart openpit mining at the Mt Carbine tungsten mine, in Queensland.

The scope of the contract includes all mine planning, scheduling and operations including moving waste, ore and low-grade stockpile material to the processing plant. The project will employ approximately 50 people largely sourced locally and from the wider North Queensland area.

The contract is for a period of 70 months, and provides for the first 12 to 18 months to be completed on a rates and cost-plus basis to establish a site-specific baseline cost. After this period the two companies intend to transition to a rise and run matrix of rates, on fleet composition and material type basis.

During the contract period, it is estimated that some 16.3-million tonnes of mine waste material will be moved, some 6-million tonnes of ore will be mined and some 2.9-million tonnes of low-grade stockpiled material would be mined.

“We’re very happy with the relationship we’ve developed with Golding over the past year. It’s been a collaborative process and has been a positive engagement throughout. It feels we’ve gained a long-term partner rather than just a contractor. Their level of professionalism, proactive approach to problem-solving and willingness to work with the EQ Resources team has really set them apart,” said EQ Resources CEO Kevin MacNeill.

EQ Resources in March this year was granted environmental approval to restart mining from the Andy White openpit.

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

The updated BFS estimated capital 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 before interest, taxes, depreciation and amortisation have been estimated at A$450-million.

Edited by Creamer Media Reporter



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