Deal gives miner access to the largest ferrotungsten plant outside of China
After an aborted attempt to re-join the ASX in recent months, Tungsten Metals Group appears set to achieve its goal as a wholly owned subsidiary of listed tungsten miner EQ Resources.EQ will pay around A$10 million – comprising $2.5 million cash and 170 million shares – for TMG, which owns and operates the largest ferrotungsten plant outside of China. TMG shareholders will own just under 8% of EQ.Given EQ had just $3.
EQ CEO Kevin MacNeill said the deal would position his company as a pre-eminent western tungsten producer, with a "… strategic diversification of products, customers and geography", while achieving its goal of creating a vertically integrated producer and boosting its exposure to markets outside the US that are covered by a $30 million, five-year supply agreement with US-based Elmet Technologies.
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