EQ Resources to take 10% stake in Nevada tungsten project JV with Elmet, Blue Moon

• Under the agreement, Elmet will hold a 70% stake and operate 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 about 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 based on their ownership stakes, with EQ's contribution capped at $3.125 million, while costs above $100 million will be shared by all partners pro rata.

• EQ Resources will supply 4,000 tonnes of tungsten concentrate to the JV under an eight-year offtake arrangement, with the deal allowing it access for up to 1,000 tonnes per year of APT processing capacity at the plant during the first five years of operations.
• "We are already producing tungsten from Australia and Spain, and this proposed joint venture gives us a pathway into downstream APT processing in the United States," said Craig Bradshaw, managing director of EQ Resources.
• The company will also contribute its technical expertise, including engineering and project management oversight, and ore-sorting technology.

Sept. 15 (Reuters) - Australian miner EQ Resources said on Tuesday it would take a 10% stake in a joint venture with Nasdaq-listed Elmet Group and Blue Moon Metals to restart the Springer tungsten project in Nevada.