A$190 Million Gamble on Strategic Metals! Mining Tycoon Takes Over EQ Resources, Stock Price Soars 32%
Mining billionaire Andrew Forrest has agreed to acquire a 16.8% stake in EQ Resources from Oaktree Capital Management L.P.
According to Zhitong Finance APP, the share price of EQ Resources Ltd. surged significantly after mining billionaire Andrew Forrest agreed to acquire a 16.8% stake in the Sydney-listed tungsten producer from Oaktree Capital Management, L.P.
The company announced on Monday that Forrest’s investment platform, Wonongarra Pty Ltd., has agreed to acquire all shares held by Oaktree Capital. Boosted by this news, the stock soared as much as 32%, marking its largest intraday gain since February 2025. According to the exchange statement, the transaction covers approximately 862 million ordinary shares and 35.6 million options. Based on Friday’s closing price, the stake is valued at about AUD 190 million (USD 133 million).
Tungsten is a critical metal for weapons and semiconductor manufacturing. Since China included the material in its export control list during the China-US trade dispute last year, tungsten prices have continued to soar. Meanwhile, increased military demand stemming from Middle East conflicts has further exacerbated supply shortages.
Australia holds the world’s richest tungsten reserves, but according to the Department of Industry, Science and Resources, around 80% of global tungsten production currently comes from China.
This Queensland-based company is the largest producer of tungsten in the Western world. EQ Resources stated that Oaktree Capital has been its cornerstone investor since 2023, supporting its acquisition of the Barruecopardo tungsten mine in Spain and consistently helping to expand the Mt Carbine project in northern Queensland.
The company added that this transaction will not affect EQ Resources’ strategic planning, daily operations, management team, or workforce.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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