EQ Resources (EQR) announced the signing of five long-term concentrate supply offtake agreements covering at least the next two years of production.

Australia-based EQ Group (EQ) operates the Mt Carbine mine in Australia and the Barruecopardo mine in Spain through its subsidiary, Saloro. In 2024, EQ produced 1.8kt of WO3, representing an approximately 10% y-o-y increase in production and 9% of ex-Chinese mine supply, according to Project Blue.

Meanwhile, EQ aims to expand its ore sorter plant capacity in Spain. In 2024, EQ installed and commissioned a second TOMRA XRT ore sorter at the Barruecopardo mine, which led to a 32% increase in output in H2 compared to H1 2024. On 17 February 2025, EQ announced the procurement of a third XRT ore sorter to be installed during the year, alongside plans for infrastructure upgrades to one of its ore sorters, which are scheduled to commence in Q2 2025 and have the potential to expand the ore sorting plant capacity by 50%.

The expansion of its Spanish operation comes at an opportune time. On 19 March, EQR, in partnership with marketing partner CRONIMET, announced five long-term offtake agreements totalling an estimated US$124M. While details about the counterparties remain limited, EQR disclosed that they are established producers of tungsten and tungsten-related products, including ammonium paratungstate (APT), tungsten oxide, and cemented carbide. Additionally, at least 50% of the material will be sold to Asian buyers, with the remainder split evenly between the European and North American markets. Under these agreements, EQ will ship 4.7kt of WO3, representing 24 months of supply, according to EQR.

This deal comes at a crucial time, as the tungsten market continues to adjust to China’s export measures announced in February. According to Project Blue, the key tungsten products impacted are cemented carbides, tungsten oxides, unwrought tungsten, and APT, while key markets affected by these restrictions include Japan, South Korea, and Europe. These offtake agreements are significant as they will provide tungsten consumers with a reliable alternative supply source.