Group 6 Metals and EQ Resources announced strong output for the first quarter of 2024.

Group 6 Metals (G6M) owns and operates the Dolphin Tungsten mine located on King Island in Tasmania. The mine started its operations in March 2023 and commenced commercial concentrate production in July. Since its resumption, G6M has consistently increased its monthly concentrate output, except for January this year, which saw a production drop below 30.0t WO3-in-concentrate. However, G6M ramped up its production in February and March, with 46.1t and 56.8t output, respectively. Together, these first three months produced 130t of WO3, which is a 36% increase quarter-on-quarter and the highest-producing quarter since the resumption of mining and processing operations.

In Queensland, EQ Resources (EQR) is the owner and operator of the Mt Carbine Project, which includes a mine, a processing plant, and a quarry. It has been working on increasing production since mining operations began at the Andy White Open Pit in June of last year. Although ERQ has been producing tungsten concentrate since 2020, its output has been limited due to processing low-grade ores and stockpiles. The resumption of mining activities marked the beginning of ramp-up expansions at the project, which is reflected in their increased production output. During the first three months of 2024, it produced 507 wet tonnes of WO3-in-concentrate, a 38% increase from the previous quarter. This was also the highest-producing quarter since mining operations restarted.

Together, both operations are progressing well and are on track to achieve their plant design capacities. At full ramp-up, Dolphin is estimated to produce 2.0ktpy of WO3-in-concentrate and EQR 1.2ktpy of WO₃-in-concentrate. However, the Mt Carbine Processing Plant has the potential to ramp up production to 3.0 to 6.0ktpy based on the pit design.

Tungsten demand is set to increase over the coming decade, and supply is highly concentrated in China, Vietnam, and Russia (which together produced just under 90% of mine supply in 2023 according to Project Blue). At full ramp-up, Australia could disrupt the top-three producers and move into second place should Vietnam and Russia not expand on current capacity. This scenario would be favoured by the West as they continue to look to diversify supply away from the top three producers.