10 December (Argus) - Australian producer EQ Resources (EQR) has agreed to sell 3,500 tonnes of concentrate (with tungsten oxide content) to global trading company Traxys under a binding terms list over a period of five years.
EQR stated on 9 December that the aim is to complete the transaction by January to March 2026. The transaction requires due diligence, no significant adverse changes and relevant approvals. This Australian company said that Traxys also agreed to open a guaranteed 3-year £15 million (US$17 million) advance payment arrangement to help EQR refinance its debts related to its Sarrrollo mining complex in Spain.
Due to a decline in ore grade, EQR's tungsten production at Sarrrollo dropped by 13% from July to September this year. The company improved the ore processing and beneficiation plant at Sarrrollo this quarter to support future production growth. Over the past few years, the company has also signed a large number of purchase agreements. On 3 March 2025, EQR agreed to provide 9,400 tonnes of 50-degree tungsten concentrate to tungsten product producers in Asia, North America and Europe within two years. It also signed a five-year purchase agreement with US producer Elmet Technologies on 9 September 2024.
