In its first fiscal quarter of 2025, the company reported a 31 percent rise in output from the previous period.
EQ said in a press release that the increases were due to improving ore grades at its Mount Carbine mine in Queensland, as well as the successful implementation of recovery-enhancing upgrades at the Barruecopardo mine in Spain.
“Production continues to ramp up at Mt Carbine since we re-entered the Andy White open pit in June of last year, while our teams at Barruecopardo have been implementing and installing a capital-lite continuous improvement program since EQR assumed ownership of the mine in January,” explained company CEO Kevin MacNeill.
In September, Mount Carbine hit a daily production record of 641 mtu, up from its previous daily record of 571 mtu. Barruecopardo recorded a 21 mtu increase in its daily output record, climbing from 497 mtu to 518 mtu per day.
EQ notes that its higher mining rates came in tandem with further restrictions on critical minerals exports from China, along with the US government’s additional 25 percent tariff on the import of Chinese tungsten products.
MacNeill said China controls more than 80 percent of global tungsten output, adding that the western world has only brought four tungsten mines into operation in the past 15 years. Two of these mines are operated by EQ, which the company perceives as “a unique value proposition that gains interest from policymakers.”
The company is looking at cooperation and funding opportunities domestically and via US and EU agencies.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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