EQR Provides an Update on the Acquisition of a Ferrotungsten Producer

EQ Resources Limited (ASX: EQR) has provided an update on its proposed acquisition of Tungsten Metals Group Limited and its subsidiaries. The acquisition, announced on 18 November 2024, includes 100% ownership of TMG and Asia Tungsten Products Co Ltd, positioning EQR as a vertically integrated tungsten producer. TMG owns and operates the largest ferrotungsten plant outside China, renowned for its competitive cost structure and industry-leading scale. This move aligns with EQR’s strategy to expand its product portfolio and leverage its resource base.

While due diligence has been conducted, definitive agreements are yet to be executed, and the exclusivity period, which ended on 31 January 2025, has expired. However, discussions remain ongoing, and EQR will update shareholders on progress. The acquisition marks a significant step in EQR’s global tungsten expansion.

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