EQ Resources Ltd (ASX:EQR) CEO Kevin MacNeill joins Proactive’s Thomas Warner to discuss the company’s rationale behind the potential Saloro acquisition in Spain, which is expected to be finalised in December this year. Though the timing was unexpected, the combination of EQR’s Mt Carbine Tungsten Mine (currently Australia’s main export source) and Saloro’s Barruecopardo Tungsten Mine (EU’s largest independent producer) under one roof offered an attractive value proposition, that was too hard to ignore. MacNeill speaks about funding for the the acquisition, which the company recently stated would create the largest tungsten concentrate producer in the western world and provide a platform for capitalising on horizontal growth opportunities identified. It also creates critical mass - and therefore optionality - to enable consideration of a downstream component adding significant further value to the business. The acquisition comes at a time when tungsten is ranked by the British Geological Surveys, various US Departments, the European Commission, Japan, South Korea and Australia as a 'critical mineral’.
EQ Resources set to boost tungsten portfolio
