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Mt Carbine tungsten mine expansion project, Australia – update

Image of the Mt Carbine mine

Photo by EQ Resources

6th October 2023

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Mt Carbine tungsten mine expansion project.

Location
Far north Queensland, Australia.

Project Owner/s
EQ Resources.

Project Description
A bankable feasibility study (BFS) update, completed in May 2023, has proposed a ten-year operation. The update covers total concentrate production of about 38 570 t (50% tungsten content) over a ten-year period, an increase of 25% on the last BFS output.

Project implementation comprises two phases.

In Phase 1, processing plants have provided the data needed to design a plant that is optimised for the Mt Carbine mineralogy to maximise tungsten recovery. The Phase 2 plant upgrades are under way, along with the new crushing plant.

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 $307.1-million and an pretax internal rate of return of 477%, with a payback of less than one year.

Capital Expenditure
A$18.5-million.

Planned Start/End Date
Mining is set to start in June 2023. The crushing plant is set for commissioning in early 2024.

Latest Developments
EQ Resources has continued to increase production, increasing output by 88% from August to September.

Mt Carbine produced 202.8 t of tungsten concentrate in September, and in the quarter to September produced 422 t, a 181% increase on the previous quarter as the mine output reached two-thirds of its design capacity.

First primary ore was processed through the rehabilitated and upgraded gravity plant in the quarter, whereas throughout September, the gravity plant has still processed only an estimated 70% of openpit ore and 30% of low-grade stockpile material. 

Key Contracts, Suppliers and Consultants
Turner & Townsend JukesTodd (BFS).

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

Edited by Creamer Media Reporter

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