EQ Resources to acquire 10% stake in Nevada tungsten project JV with Elmet and Blue Moon
2026-09-16 10:20:31 [Print]
Australian miner EQ Resources announced Tuesday that it will take a 10% stake in a joint venture with Nasdaq-listed Elmet Group and Blue Moon Metals (Nasdaq: BMM) to restart the Springer tungsten project in Nevada.
Under the agreement, Elmet will hold a 70% stake and serve as operator of the project, while Canada-based Blue Moon and tungsten supplier EQ Resources will own 20% and 10% respectively.
The joint venture plans to restart the Springer ammonium paratungstate (APT) plant in Nevada with an initial processing capacity of approximately 4,000 tonnes per year.
Elmet will fund the first $75 million of restart costs for the plant, backed by financing from the U.S. Department of Defense.
Elmet and EQ Resources will jointly fund costs between $75 million and $100 million in proportion to their ownership stakes, with EQ's contribution capped at $3.125 million. Costs exceeding $100 million will be shared by all partners on a pro rata basis.
Under an eight-year offtake arrangement, EQ Resources will supply 4,000 tonnes of tungsten concentrate to the JV. The deal also grants EQ access to up to 1,000 tonnes per year of APT processing capacity at the plant during the first five years of operations.
Under the agreement, Elmet will hold a 70% stake and serve as operator of the project, while Canada-based Blue Moon and tungsten supplier EQ Resources will own 20% and 10% respectively.
The joint venture plans to restart the Springer ammonium paratungstate (APT) plant in Nevada with an initial processing capacity of approximately 4,000 tonnes per year.
Elmet will fund the first $75 million of restart costs for the plant, backed by financing from the U.S. Department of Defense.
Elmet and EQ Resources will jointly fund costs between $75 million and $100 million in proportion to their ownership stakes, with EQ's contribution capped at $3.125 million. Costs exceeding $100 million will be shared by all partners on a pro rata basis.
Under an eight-year offtake arrangement, EQ Resources will supply 4,000 tonnes of tungsten concentrate to the JV. The deal also grants EQ access to up to 1,000 tonnes per year of APT processing capacity at the plant during the first five years of operations.
Ferro-tungsten 75%min EXW China
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China sodium tungstate producers' sales to production ratio statistics by province by month
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