MHT signs MOU with EQR and Cronimet

April 19, 2023 | 17:11
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Masan High-Tech Materials Corporation (MHT) has announced the signing of an MOU with EQ Resources Limited (EQR), and its existing joint venture partner Cronimet Australia Pty Ltd related to the Mount Carbine Tungsten Project in the far north of Queensland, Australia.

The MOU will establish a working relationship based on reciprocity and mutual benefit, exchanging knowledge and experience about tungsten exploration, mining, and processing, potentially assessing new project opportunities, and new product applications.

EQ Resources Limited is the 100 per cent owner of the Mount Carbine Tungsten Mine near Cairns, Australia’s only primary tungsten producer. The MOU is augmented by an existing long-term offtake agreement that Cronimet Group has signed with MHT (a subsidiary of Masan Group), which will see approximately 70 per cent of Mount Carbine's production for the next four years allocated to MHT. The proposed strategic partnership between EQR, Cronimet and MHT aims to continue Mount Carbine’s growth into a world-class sustainable tungsten operation.

The signing of the MOU was witnessed by the German Parliamentary State Secretary of the Federal Ministry for Economic Affairs and Climate Action, Dr. Franziska Brantner, and the German Ambassador to Australia, Dr. Markus Ederer. Dr. Franziska Brantner visited Australia between April 3 and 7, together with a high-profile German industry delegation, to meet with Australian government representatives and various industry groups; and to establish business-to-business relations in the fields of critical minerals and hydrogen.

MHT signs MOU with EQR and Cronimet
Dr. Franziska Brantner and Dr. Markus Ederer stand behind company representatives of EQ Resources, Cronimet, and Masan

Public endorsement of the MoU from Dr. Brantner and the German economic ministry is a significant milestone for the Mount Carbine Project, as it will further strengthen the partnership between the companies and demonstrates the global demand for the critical mineral produced there.

Kevin MacNeill, EQR’s CEO, said, “German high-tech industries are urgently calling for sustainably produced tungsten and EQR is perfectly positioned to meet these long-term demands as an environmentally responsible, sustainable, and stable tungsten producer.”

“The signing of the MOU represents a significant milestone in the development of the Mount Carbine Tungsten Project and demonstrates the strength of the partnerships being forged," MacNeill added.

The agreement comes as the German and Australian governments strengthen their cooperation on critical minerals. During Dr. Franziska Brantner's visit to Perth, a joint declaration was signed with the Minister for Resources and Minister for Northern Australia, Madeleine King.

The declaration will support a joint study to help Australia meet its ambitions to develop value-added industries around critical minerals, from extraction, refinement and recycling, and to help Germany secure reliable supplies of critical minerals to underpin its manufacturing activities.

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