{"id":8566,"date":"2024-05-08T10:27:34","date_gmt":"2024-05-08T00:27:34","guid":{"rendered":"https:\/\/yinghuiinternational.com\/?p=8566"},"modified":"2024-05-11T10:29:12","modified_gmt":"2024-05-11T00:29:12","slug":"queensland-invests-millions-in-critical-minerals-mine-expansion","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2024\/05\/08\/queensland-invests-millions-in-critical-minerals-mine-expansion\/","title":{"rendered":"Queensland invests millions in critical minerals mine expansion"},"content":{"rendered":"\n

<\/h1>\n\n\n\n

\"\"KELSIE TIBBEN<\/a><\/p>\n\n\n\n

\"Queensland<\/figure>\n\n\n\n

Tungsten is considered a critical mineral under Australia’s Critical Minerals List. Image: Wirestock Creators\/shutterstock.com<\/p>\n\n\n\n

The Queensland Investment Corporation (QIC) will fund the expansion of EQ Resources\u2019 (EQR) Mount Carbine tungsten mine in the state\u2019s north with a $20 million loan.<\/p>\n\n\n\n

The funding comes from the Queensland Critical Minerals and Battery Technology Fund, which aims to assist critical minerals development and the manufacturing of battery technologies.<\/p>\n\n\n\n

EQR will welcome the funding in two instalments over the loan\u2019s three-year period. The first round will see $12 million provided to assist in doubling the site\u2019s processing capacity and commencing underground drill testing.<\/p>\n\n\n\n

The second round of $8 million will be used to continue underground drill testing and start underground trial mining.<\/p>\n\n\n\n

Queensland Minister Resources and Critical Minerals Scott Stewart said the Government is committed to developing the state\u2019s critical minerals resources like tungsten.<\/p>\n\n\n\n

\u201cThe resurgence of tungsten production is another remarkable success story in Queensland\u2019s critical minerals boom,\u201d Stewart said<\/a>.<\/p>\n\n\n\n

\u201cSince returning to operation in 2019, Mount Carbine tungsten mine has become a major employer in the Far North, where 175 workers and contractors are on track to produce about 3000 tonnes of tungsten concentrate every year.<\/p>\n\n\n\n

\u201cThe existing open-cut mine is forecast to reach its end of life by 2029, but the Queensland Government is committed to supporting these workers and the communities they call home.\u201d<\/p>\n\n\n\n

EQR chief executive officer Kevin MacNeill welcomed the funding, which will see drilling kick off this year.<\/p>\n\n\n\n

\u201cWe are pleased that the opportunity has arisen for such extensive and attractive funding support from the Queensland Government,\u201d he said.<\/p>\n\n\n\n

\u201cThe provision of financing will support our recently announced expansion program to double capacity at Mt Carbine, but we also consider this a strong endorsement of the company\u2019s corporate strategy to further establish ourselves as a leading and responsible producer of globally relevant critical minerals.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

KELSIE TIBBEN Tungsten is considered a critical mineral under Australia’s Critical Minerals List. Image: Wirestock Creators\/shutterstock.com The Queensland Investment Corporation (QIC) will fund the expansion of EQ Resources\u2019 (EQR) Mount Carbine tungsten mine in the state\u2019s north with a $20 million loan. The funding comes from the Queensland Critical Minerals and Battery Technology Fund, which … Continue reading “Queensland invests millions in critical minerals mine expansion”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6],"tags":[],"class_list":["post-8566","post","type-post","status-publish","format-standard","hentry","category-mines-and-quarry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-2ea","jetpack-related-posts":[{"id":8741,"url":"https:\/\/yinghuiinternational.com\/index.php\/2024\/06\/25\/eq-hits-tungsten-production-high\/","url_meta":{"origin":8566,"position":0},"title":"EQ hits tungsten production high","author":"yinghui","date":"June 25, 2024","format":false,"excerpt":"OLIVIA THOMSON Tungsten. 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