EQR and Masan High-Tech Materials signs partnership MOU while Australia and Germany enter critical minerals cooperation

12 April 2023 - Masan High-Tech Materials Corporation (“Masan High-Tech Materials” or “MHT”) has announced the signing of a Memorandum of Understanding (“MOU”) with EQ Resources Limited (“EQR”), and its existing joint venture partner, Cronimet Australia Pty Ltd (“Cronimet”) related to the Mt Carbine Tungsten Project in Far North Queensland, Australia. The MOU will establish a working relationship based on reciprocity and mutual benefit, exchanging knowledge and experiences around tungsten exploration, mining, and processing, potentially assessing new project opportunities, and new product applications.

Dr. Franziska Brantner and Dr. Markus Ederer in back row, company representatives of EQ Resources, Cronimet and Masan in front row.

EQ Resources Limited is the 100% owner of the Mt 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% of Mt Carbine's production for the next four years allocated to MHT. The proposed strategic partnership between EQR, Cronimet and Masan High-Tech Materials aims to continue Mt Carbine’s growth into a world-class sustainable tungsten operation.

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

Hon Madeleine King, Minister for Resources and Minister for Northern Australia (left), and Dr. Franziska Brantner, Parliamentary State Secretary of the Ministry for Economic Affairs and Climate Action (right)

Dr. Brantner's and the German Ministry’s public endorsement of the partnership MOU is a significant milestone for the Mt Carbine Project, as it will further strengthen the partnership between the companies and demonstrate the global demand for the critical mineral produced by the Mt Carbine Tungsten Project.EQR’s Chief Executive Officer, Mr Kevin MacNeill, commented: “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 Western tungsten producer. While Masan High – The Materials is Vietnam headquartered, their 100% subsidiary H.C. Starck is a leading tungsten processor with its headquarters in Germany. With EQR’s joint venture partner, Cronimet being headquartered in Germany, the partnerships between the countries and companies strategically align.”

“The signing of the MOU based on the existing offtake agreement represents a significant milestone in the development of the Mt Carbine Tungsten Project and demonstrates the strength of the partnerships being forged to establish a leading Western tungsten operation”, Mr MacNeill said.

The signing of the MOU comes as both Governments strengthen their cooperation on critical minerals. During the visit of Dr. Franziska Brantner to Perth, a joint Government-to-Government declaration was signed with Hon Madeleine King, Minister for Resources and Minister for Northern Australia. 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.