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.
You may also like
Overnight U.S. Stocks | All Three Major Indexes Fall, 10-Year Treasury Yield Hits Nearly 20-Year High, Oil Prices Volatile, Gold Drops Nearly 4%
At market close, the Dow Jones Industrial Average fell 347.11 points, or 0.67%, to 51,481.51 points; the S&P 500 Index dropped 59.72 points, or 0.77%, to 7,683.69 points; and the Nasdaq Composite Index declined 248.34 points, or 0.92%, to 26,820.38 points.
Trump Targets Key Midterm State Iowa: Announces $15 Billion Steel Plant Project to Create 8,000 Jobs
Trump stated that once completed, the factory will have an annual steel production capacity of 10 million tons, making it "the largest steel mill ever in the United States." White House officials noted that steel production could begin as early as 2030, with an estimated 8,000 jobs created. However, the economic benefits of the factory will not be realized before the November election this year. Iowa, as a key agricultural state, is currently facing dual pressures from high diesel prices and tariff disputes, making Trump’s political intentions evident with this move.
Pound Sterling edges higher as the BoE's deputy governors lean toward a hike
Euro slips back to its summer low as ECB President Lagarde urges measured hikes
Crypto prices
More
