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Exceptional High Grade Rock Chips At Beryl Well
The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to provide a further update on its exploration activities at its Beryl Well Project (E09/2156) in the Gascoyne Region of Western Australia following the receipt of assays from rock chip samples taken in November 2022.
Highlights
- BWRC3 26.47% Niobium & 6.68% Tantalum
- BWRD4 23.79% Niobium & 6.33% Tantalum
A field visit was undertaken in November 2022 by Company personnel to appraise historical exploration activities at Beryl Well. The Company took a total of 9 rock chip samples on both previously tested and untested pegmatites in and around the Beryl Well Project area and towards possible northern extensions of the pegmatite swarm. Complete results are shown in Table 1.
Although the extent of the niobium and tantalum rich material is yet to be specifically determined, Company personnel believe it is related to iron rich material confined to structural infill zones.
BERYL WELL PROJECT
The Beryl Well Project overlies the historical Nardoo & Morrissey Hill workings. Numerous pegmatites are described in the area and mica, beryl and tantalo-columbite have all been mined in the past. Reference 2 Drilling completed by EMT in 2021 focused on the southern pegmatites with a total of 30 reverse circulation holes for 1717 metres. The drilling was targeted on the outcropping pegmatite units to test the concept of cross cutting later structures providing a conduit to the mineralisation however no significant results were returned. The previous high grade rockchips returned by the work of VMC and the latest high grade results from EMTs recent sampling are located to the north of the drilling completed and the recent field visit focused on this area to assess any further potential.
Click here for the full ASX Release
This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
How to Invest in Tungsten
Tungsten was discovered in Sweden in the 18th century, and since then has found diverse uses.
About two-thirds of demand for this critical metal is from the mining and drilling industry for use in cemented carbides; mill products and chemicals account for the rest. However, while tungsten has many key uses, the market has been quite turbulent for the last several years — low prices have led to reduced output in some parts of the world.
Global tungsten production came to 84,000 metric tons (MT) in 2022, slightly above the 83,800 MT put out in 2021. As with many metals, China dominates the tungsten-mining space. In fact, according to the US Geological Survey, production of tungsten concentrate outside the country accounts for less than 20 percent of total global supply.
Interestingly, despite being the biggest tungsten producer, China is limited in how much it produces. The Asian nation's government has restricted the number of tungsten mining and export licenses that it awards, and has also imposed quotas on concentrate production and placed constraints on mining and processing.
Tungsten demand has faced pressure from recession threats, but use of the metal is still seen increasing. A global tungsten market report by Business Research Insights forecasts that the sector will grow at a compound annual growth rate of 8.71 percent to reach US$17.96 billion by 2027. Drivers will include an expansion of the mining and drilling industry, the growing use of tungsten in everyday and industrial products and the increasing adoption of tungsten in medical applications.
That optimism has left investors wondering whether tungsten investment is a good idea. Read on for a brief overview of tungsten supply and demand dynamics and ways to invest in tungsten.
What drives tungsten supply and demand?
Tungsten is mined all over the world, although as mentioned China is the world’s largest producer by far.
In 2022, the country mined 71,000 MT of the metal, far ahead of the 4,800 MT produced in Vietnam, the world’s second largest tungsten miner. China also leads in reserves with 1.8 million MT; Russia is in second place with 400,000 MT.
Typically, tungsten deposits are found near orogenic belts, which are areas where tectonic plates have collided to form mountains. These belts run through East Asia, the Asiatic part of Russia, the east coast of Australia, the Rocky and Andes mountains and the Alpide belt, which spans over 15,000 kilometers across Eurasia's southern margin.
One issue surrounding tungsten supply is the fact that the metal can be found in war-stricken countries like the Democratic Republic of Congo. For over a decade, the extraction of mineral resources in these areas has been linked to conflict, human rights abuses and corruption; for that reason, tungsten is known as a conflict mineral.
Some government bodies have put rules in place to ensure that companies disclose where the conflict minerals they use come from. For example, the EU has taken action to strengthen its conflict minerals rules.
In addition to being the world’s top tungsten producer, China is also the top tungsten consumer. Looking more closely at tungsten uses, it's clear many of them are correlated to the global economy.
For example, tungsten carbide, alloy and chemicals are used in the construction, electronics, mining and automotive industries; they can also be found in oil operations, as well as mineral exploration and mining. Mill products require tungsten too — these include tungsten rods, sheets, wires, light bulb filaments and electrical contacts; that said, tungsten’s use in light bulb filaments is declining due to new lighting technologies.
The chemical industry also consumes tungsten — tungsten compounds are used as lubricants, catalysts, pigments and enamels, as well as in electronics and for other electrical applications.
How to invest in tungsten stocks?
Investors who believe tungsten prices will rise in the future may want to enter the space today.
However, getting into the tungsten market can be a little difficult — as with many critical metals, getting direct exposure to physical tungsten is tricky as the metal does not trade on an exchange.
As a result, many market participants who are interested in tungsten investment turn to tungsten-focused companies. Most tungsten-producing companies are located in China, and are either privately owned or listed only on Asian exchanges; however, tungsten investing options do exist elsewhere.
A few options are listed below; all companies are listed on Canadian, Australian and London exchanges, and had market caps above $5 million as of September 15, 2023:
- Almonty Industries (TSXV:AII,OTCQX:ALMTF)
- Elementos (ASX:ELT)
- eMetals (ASX:EMT)
- EQ Resources (ASX:EQR)
- Fireweed Metals (TSXV:FWZ,OTCQB:FWEDF)
- Group 6 Metals (ASX:G6M)
- Northcliff Resources (TSX:NCF)
- Pivotal Metals (ASX:PVT)
- Premier African Minerals (LSE:PREM)
- Tungsten Mining (ASX:TGN)
This is an updated version of an article originally published by the Investing News Network in 2013.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Fireweed Metals and Pivotal Metals are clients of the Investing News Network. This article is not paid-for content.
EQR Acquires Leading European Tungsten Producer, Saloro S.L.U., And Secures $25 Million Investment By Oaktree
EQ Resources Limited is the 100% owner of the Mt Carbine Tungsten Mine near Cairns, Australia’s leading primary tungsten producer.
EQ Resources Limited (“EQR” or “the Company”) is pleased to announce that it has agreed binding terms through signing of a Share Purchase Agreement (“SPA”) to acquire a 100% interest in Saloro S.L.U., Spain (“Saloro”) from Tungsten Mining JV S.L.U., Spain, (“Tungsten Mining”), a portfolio company of funds managed by Oaktree Capital Management L.P. ("Oaktree") (“Transaction”).
Highlights:
- EQR agreed binding terms to acquire leading European tungsten producer Saloro S.L.U. from global investment manager, Oaktree
- Transformational acquisition strengthens EQR’s relevance in the global tungsten industry and enhances the Company’s capital market positioning
- As part of the transaction, Oaktree invests $25 million into EQR, through the subscription of 278 million new ordinary shares at $0.09 per share (representing a ~30% premium to the 15 days VWAP)
- Through the combination of operations, EQR becomes the largest tungsten concentrate producer in the Western World, with a robust growth pipeline across two top-tier mining jurisdictions
- The transaction remains subject to various closing conditions, incl. the approval of foreign direct investment agencies both in Australia and Spain
As part of the Transaction, Oaktree will subscribe for 278 million new ordinary shares (“Subscription Shares”) in the Company at an issue price of $0.09 per share (representing a ~30% premium to the 15 days VWAP), amounting to an investment of $25 million. As a result, Oaktree will become a substantial shareholder in EQR with a holding of 15.86% (calculated as of the day of SPA signing) at completion of the Transaction. Oaktree will receive 78 million options, with an exercise price of $0.10 per share, exercisable during the period of 2 years following the date of completion of the SPA (“Options”).
EQR’s Chief Executive Officer, Mr Kevin MacNeill, commented: "This is without doubt an outstanding development and a transformational acquisition for EQR that delivers a huge value opportunity for shareholders. We continue building a robust growth pipeline with the addition of the Saloro operation and considering the exploration ground around the Barruecopardo mine is covering prospective historical workings. Saloro has a great management team which built and commissioned a mine during rough times of Covid and now coming to a stage of sustainable production growth. Our technical and geology teams assessed this opportunity in the recent months and with the installation of their first Tomra XRT sorter we can provide technical assistance to our new colleagues at Saloro to immediately optimise production.”
“We are delighted Oaktree agrees and supports the value proposition of the expanded operation across two jurisdictions through their investment in EQR at a significant premium, demonstrating commitment to the forthcoming value creation journey. We look forward to having a high-profile globally significant fund such as Oaktree, who has been an excellent owner to Saloro, join our share register and support EQR to expand its footprint and strategic positioning in the global tungsten supply chain. We feel this relationship is accretive to our shareholders”, Mr MacNeill said.
Mr Federico Alvarez-Demalde, Managing Director at Oaktree, commented: “We are excited to have selected EQR as partner to acquire Saloro. EQR is a remarkable partner that shares our operational excellence and ESG values, committed to responsible and sustainable practices. This partnership reinforces our conviction about the incredible opportunity presented in the tungsten supply space, and the need to secure sustainable and ESG focused critical metals supply chains. In that capacity, we have found in EQR an excellent team which demonstrated the ability to create lasting value while positively impacting society and the environment.”
STRATEGIC RATIONALE
Through the acquisition of Saloro, EQR adds the leading European tungsten producing mine to its project portfolio, which aligns with the Company’s corporate strategy to become a substantial and globally leading supplier of sustainably produced critical minerals. The expanded scale of operation will further strengthen EQR’s relevance within the global tungsten industry and will enhance the Company’s capital market positioning.
The Transaction provides EQR’s shareholders an exposure to two geographically diverse tungsten operations across top-tier mining jurisdictions and a re-rating opportunity due to enhanced production scale and exploration upside within the exploration permits at Mt. Carbine and Barruecopardo.
Both assets have been de-risked in recent years, now being in an early production stage having a well- established and even complementary customer base with tungsten downstream players in Asia, Europe and North America. Both operations under a combined leadership and complementary expertise will provide cost- saving as well as significant operational synergies. Saloro is in the process of integrating highly efficient XRT Sorters into the process circuit, an area of core competence of EQR. At the same time EQR is currently preparing the ramping up of the Mt Carbine Open Pit Operation, an exercise that Saloro has gone through over the last 3 years as part of their reactivation of the historic Barruecopardo mine.
BACKGROUND ON SALORO S.L.U.
Saloro is a Spanish company dedicated to the production and marketing of tungsten, an industrial metal with a wide range of applications, which the European Union recognizes as a ‘Critical Raw Material’. With a 30-year (renewable) mining license Saloro’s flagship producing asset is the Barruecopardo mine located in the Spanish Province of Salamanca.Barruecopardo has a mining history dating back almost 100 years. Historic activities ceased at the old mine in the early 1980s. After 10 years of preparation including a 15-month construction period, Saloro brought the Barruecopardo mine back online in early 2019 leveraging modern technology after nearly 40 years of shutdown.
Fig.1 - Selected tungsten projects (as of October 2022) across the Iberian Peninsula, with only two operating mines (in blue)
Mining and concentrating activities at the mine are designed to minimise any environmental impact while ensuring a high mineral recovery. Current production is approximately 140 tons/month of high-grade (>65% WO3) tungsten concentrate, with various minor plant expansion projects ongoing for higher recovery and throughput.
Click here for the full ASX Release
This article includes content from EQ Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report To 31 March 2023
The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to submit the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2023.
HIGHLIGHTS
- Agreement execution and completion for the sale of seven (7) exploration licenses to Minerals 260 Limited (ASX:MI6) for total consideration of 7,000,000 MI6 shares at a deemed value of $0.30 per share ($2,100,000).
- High grade rock chip results were returned from sampling conducted at Beryl Well, including:
- BWRC3 26.47% Niobium & 6.68% Tantalum; and
- BWRD4 23.79% Niobium & 6.33% Tantalum.
Although the extent of the niobium and tantalum rich material is yet to be specifically determined, Company personnel believe it is related to iron rich material confined to structural infill zones. Beryl Well is one of the tenements sold to MI6.
- An airborne geophysical survey was completed over E20/976, (Meka Project) covering 671 line kilometres with a 100 metre line spacing. Both magnetic and radiometric data was collected to assist in the interpretation of the underlying geology of this tenement. Field activities for this tenement are scheduled for the coming quarter.
SALE OF GASCOYNE TENURE
EMT announced on 7 March 2023 that it has executed an agreement for the sale of seven (7)exploration licenses (Project) to Minerals 260 Limited (ASX:MI6) in the Gascoyne Provence of Western Australia for total consideration of 7,000,000 MI6 shares (Consideration Shares) at a deemed value of $0.30 per share ($2,100,000).
- The agreement was between MI6 through its wholly owned subsidiary ERL (Aust) Pty Ltd and EMT and its wholly owned subsidiaries RWG Minerals Pty Ltd and Iron Clad Prospecting Pty Ltd which are the parties that hold the tenements comprising the Project.
- MI6 issued EMT 7,000,000 shares Consideration Shares on completion at a deemed issue price of $0.30 per share. These shares were issued on 24 March 2023.
- The Consideration Shares will be subject to a voluntary escrow period of six months from completion of the acquisition on customary terms.
MEKA PROJECT (E20/0976)
The Meka Project (E20/0976) is an unexplored magnetic anomaly located in the Murchison, approximately 110 kilometres west of Cue. The tenement is approximately 15 kilometres west of the Poona Project and is accessible by station tracks and roads.
A series of anomalies lies directly along strike from the Gnangooragoo Complex, on the interpreted terrane boundary between the Murchison Domain and the Narryer Terrane, and is a prominent magnetic feature composed of both positive and negative amplitude magnetic anomalies. A series of these magnetic anomalies are present within proximity to the interpreted terrane boundary and represent exploration opportunities untested to date.
The recent work completed has involved the flying of a low level, high resolution magnetic and radiometric survey on a 100 metre line spacing. Preliminary data has been returned from the airborne contractor (Thomson Airborne). Southern Geoscience Consultants has been commissioned to produce a series of images and interpretations which will be used to guide future exploration within the tenement.
Click here for the full ASX Release
This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 8 Tungsten-producing Countries
Tungsten has many applications. It's used in electrical wires, as well as in welding, heavy metal alloys, turbine blades and as a lead substitute in bullets.The metal can also be found in heating and electrical contacts.
According to the US Geological Survey, global tungsten production came in at 84,000 metric tons (MT) in 2022, up slightly from 2021's 83,800 MT. The vast majority of tungsten mining and processing occurs in China. Looking forward to 2023, increased production of the critical metal is seen coming from reopened mines in Australia, South Korea and the UK.
Tungsten’s importance in a wide range of industrial categories, from smartphones to car batteries, means demand is likely to rise. At the same time, supply chain disruptions and increased production costs are weighing on global supply. Tungsten prices have traded upward in recent years, and market dynamics are expected to push the metal higher in 2023 and beyond.
With that in mind, it’s worth being aware of which countries produce the most tungsten. Here’s an overview of the top tungsten-producing countries last year; data is from the US Geological Survey.
1. China
Mine production: 71,000 MT
China produced the same amount of tungsten in 2022 as it did in 2021, and remained the world’s largest producer by a wide margin. That said, China’s tungsten production has fallen slightly in recent years — the Asian nation has limited the quantity of tungsten-mining and export licenses it awards, and has imposed quotas on tungsten concentrate production. The country has also recently increased environmental inspections.
In addition to being the world’s largest tungsten producer, China is the world’s top consumer of the metal. Aside from that, China has been the main source of tungsten imported into the US since 2017, reportedly representing 29 percent of total American tungsten imports between 2018 and 2021.
2. Vietnam
Mine production: 4,800 MT
Vietnam’s tungsten production remained flat in 2022 at 4,800 MT of the metal, same as the previous year. Privately owned Masan Resources runs the Vietnam-based Nui Phao mine, which it says is the largest tungsten-producing mine outside China. It is also one of the lowest-cost producers of tungsten in the world.
3. Russia
Mine production: 2,300 MT
Russia’s tungsten production has followed that of its competitors, remaining flat in 2022. The war between Russia and Ukraine has hampered Russia's ability to trade and make deliveries of tungsten to the world market as it continues to face sanctions.
Russia is a significant supplier of the metal to Europe, and restrictions on the country’s metal imports have increased the continent’s dependency on Chinese imports.
4. Bolivia
Mine production: 1,400 MT
Bolivia has managed to increase its tungsten production since 2014 as a result of moves to promote the tungsten industry in the country. However, its output decreased to 1,400 MT in 2022 from 1,563 MT the previous year.
The Bolivian mining industry is heavily influenced by Comibol, a state-owned mining umbrella company.
5. Rwanda
Mine production: 1,100 MT
Rwanda produced 1,100 MT of tungsten in 2022, down from 1,340 MT in 2021. Tungsten is one of the most common conflict minerals in the world, meaning that at least some of it is produced in war zones and is sold to perpetuate fighting. While Rwanda has promoted itself as a source of conflict-free minerals, concerns remain about tungsten output from the country. Fairphone, a company that promotes “fairer electronics,” is supporting conflict-free tungsten production in Rwanda.
6. Austria
Mine production: 900 MT
Austria was the sixth largest producer of tungsten in 2022, putting out 900 MT, on par with the previous year. Much of that production can be attributed to Wolfram’s Mittersill mine, which is located in Salzburg and hosts Europe's largest tungsten deposit.
7. Spain
Mine production: 700 MT
Spain’s tungsten production rose by 75 percent in 2022, up from 400 MT the previous year.
There are a number of companies engaged in the exploration, development and mining of tungsten assets in Spain. Examples include Almonty Industries (TSX:AII,OTCQX:ALMTF) and Pivotal Metals (ASX:PVT).
8. Portugal
Mine production: 500 MT
Portugal is another country on this list that saw its tungsten production remain flat in 2022. It put out 500 MT of the metal, nearly on par with the 502 MT produced in the previous year.
The European country has the lowest known tungsten reserves figure out of all the nations on this list, totaling just 3,100 MT. The Panasqueira mine is Portugal’s largest tungsten-producing operation.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Sale Of Gascoyne Tenure
Commenting on the Asset Sale EMT Director Mathew Walker said: “We are pleased to reach an agreement with MI6 on our Gascoyne tenure that further strengthens our balance sheet while maintaining exposure to any potential exploration success through our shareholding in MI6. The MI6 team have a proven track record of exploration success and we look forward to seeing the Project develop under their stewardship.”
Agreement Terms
Following are the key terms of the acquisition:
- The agreement is between MI6 through its wholly owned subsidiary ERL (Aust) Pty Ltd and EMT and its wholly owned subsidiaries RWG Minerals Pty Ltd and Iron Clad Prospecting Pty Ltd which are the parties that hold the tenements comprising the Project.
- MI6 will issue EMT 7,000,000 shares Consideration Shares on completion at a deemed issue price of $0.30 per share.
- The Consideration Shares will be subject to a voluntary escrow period of six months from completion of the acquisition on customary terms.
- The completion of the acquisition is conditional on the execution of a Deed of Assignment relating to an underlying Royalty on one of the tenements.
For, and on behalf of, the Board of the Company
Mathew Walker
Director
EMETALS Limited
Shareholders and other interested parties can speak to Mr Sonu Cheema if they have any queries in relation to this announcement: +618 6489 1600.
Forward looking statements
This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and our management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this prospectus will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. We have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law. These forward looking statements are subject to various risk factors that could cause our actual results to differ materially from the results expressed or anticipated in these statements.
Click here for the full ASX Release
This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report To 31 December 2022 and Cash Flow Report
The Directors of eMetals Limited (ASX:EMT) (eMetals) (Company) are pleased to submit the Quarterly Activities Report and Appendix 5B for the quarter ending 31 December 2022.
HIGHLIGHTS
- High grade rock chip results were returned from sampling conducted at Beryl Well, including:
- BWRC3 26.47% Niobium & 6.68% Tantalum; and
- BWRD4 23.79% Niobium & 6.33% Tantalum.
Although the extent of the niobium and tantalum rich material is yet to be specifically determined, Company personnel believe it is related to iron rich material confined to structural infill zones.
- Field activities have commenced at the Willi Creek project (E09/2464) in the Gascoyne region of Western Australia prospective for REE mineralisation. A total of 61 rock chip samples and a Heritage Survey was completed during the quarter.
- Review of all other projects was completed during the quarter with all statutory reports lodged.
BERYL WELL PROJECT
The Beryl Well Project overlies the historical Nardoo & Morrissey Hill workings. Numerous pegmatites are described in the area and mica, beryl and tantalo-columbite have all been mined in the past. Reference 2 Drilling completed by EMT in 2021 focused on the southern pegmatites with a total of 30 reverse circulation holes for 1717 metres. The drilling was targeted on the outcropping pegmatite units to test the concept of cross cutting later structures providing a conduit to the mineralisation however no significant results were returned. The previous high grade rockchips returned by the work of VMC and the latest high grade results from EMTs recent sampling are located to the north of the drilling completed and the recent field visit focused on this area to assess any further potential.
WILLI CREEK PROJECT (E09/2464)
The Willi Creek project tenement is located in the Gascoyne region of Western Australia and covers an area of approximately 217 square kilometres. The tenement is immediately adjacent to Dreadnought Resources (ASX: DRE) Mangaroon Rare Earth Project which has recently announced significant drill intersections of thick REE ironstones at its Yin and Sabre prospects located to the east of project area.
The tenement was originally pegged in 2021 based on its very close spatial association to a large granitoid that covers approximately 50 square kilometres that is strongly radiometric and one of the most radiometric granitoids in the Gascoyne Region. A total of 61 rock chip samples were collected during the quarter focused in the central portion of the project. A Heritage survey was also completed allowing the work program to be collected.
SALMON GUMS PROJECT
Salmon Gums holds four exploration licenses (E63/2049, E63/2066, E63/2126, E63/2127) covering an area of 219 blocks for a total of 630 square kilometers of the Eucla Basin in the Albany Fraser Range Province of southern Western Australia (Project).
The Project cover areas underlain by meta-granites of Archaean to Proterozoic age. These granitic rocks are situated within the Albany Fraser Orogen on the south and southeastern margins of the Yilgarn Craton. Outcrop of the meta-granites within the Project is rare with majority of the tenements overlain by Cainozoic sediments, aeolian sands and salt lakes.
Click here for the full ASX Release
This article includes content from eMetals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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