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EQ Resources (ASX: $EQR) completes acquisition of Saloro S.L.U. and $25 million placement with Oaktree

EQR completes acquisition of Saloro S.L.U. and secures investment


EQ Resources Limited (ASX: $EQR) has successfully completed the acquisition of Saloro S.L.U., a leading European tungsten producer, and closed a $25 million placement with Oaktree Capital Management, L.P. The acquisition strengthens EQR's position in the global tungsten industry, making it the largest independent tungsten concentrate producer outside of China. The Company's Chief Executive Officer, Mr Kevin MacNeill, expressed satisfaction with the transaction, highlighting the potential for enhanced production scale and exploration upside within the exploration permits at Mt. Carbine and Barruecopardo.

EQR's CEO on the acquisition and investment


We are extremely pleased that we could close this transaction, which 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 operations under a combined leadership and with complementary expertise will provide cost-saving as well as significant operational synergies.

Summary of EQR's acquisition and investment


EQ Resources Limited has completed the acquisition of Saloro S.L.U., reinforcing its position as a significant global tungsten supplier. The $25 million placement with Oaktree enhances the Company's shareholder register and capital market positioning, supporting the further expansion of its operations. The acquisition aligns with EQR's corporate strategy to become a leading supplier of responsibly produced tungsten. The Company aims to leverage advanced minerals processing technology and unexploited resources to create shareholder value and strengthen its presence in the critical minerals sector. With the acquisition, EQR anticipates enhanced production scale, exploration opportunities, and operational synergies, positioning it for continued growth and success in the global tungsten industry.

Sourcehttps://announcements.asx.com.au/asxpdf/20240118/pdf/05zk00mdwhz3hw.pdf

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