SYDNEY: Australian mining magnate Dr Andrew Forrest AO has agreed to acquire a 16.8% interest in EQ Resources Ltd from Oaktree Capital Management, in a move that underscores rising investor confidence in Western critical mineral supply chains.
The transaction, executed through Wonongarra Pty Ltd, a vehicle wholly owned by Forrest, encompasses 862,131,779 fully paid ordinary shares and 35,555,556 options. Oaktree had been a cornerstone investor in the tungsten producer since 2023, supporting the company’s acquisition of the Barruecopardo mine in Spain and the expansion of its Mt Carbine operation in North Queensland.
The change in ownership is at the shareholder level and will not affect the company’s strategy, daily operations, management or employees, EQR said. Certain shareholder rights, including the ability to appoint a board director, will transfer as part of the deal. Substantial holder notices are expected to be lodged under the Corporations Act.
EQR Managing Director Craig Bradshaw thanked Oaktree for its partnership during a formative period for the company.
“Oaktree backed our vision at a pivotal time and their partnership has been instrumental in establishing EQR as the leading western tungsten producer,” Bradshaw said. “We warmly welcome Dr Forrest’s investment in the company. It is a strong endorsement for EQ Resources to see the ownership baton passed from a financial investor to a stalwart of the Australian mining industry with a proven track record of developing and growing assets.”
Federico Alvarez-Demalde, speaking on behalf of Oaktree, said the firm was proud of what had been achieved at Mt Carbine and Barruecopardo and wished the company success under new ownership.
Forrest framed his investment within the context of global supply chain vulnerabilities, noting that tungsten is essential to construction, energy infrastructure and semiconductor manufacturing, yet global supply remains heavily concentrated.
“This investment backs an Australian producer, Australian jobs and Australian know-how at the moment the world has woken up to how fragile critical mineral supply chains have become,” Forrest said. “We are proud to become a long-term shareholder in a company that is de-risking its operations, ramping up production and beginning to generate real cash flow.”
EQ Resources Ltd is a global tungsten mining company listed on the Australian Securities Exchange, with operations in Queensland and Spain. The company focuses on sustainable mining and processing, aiming to become a leading Western supplier of the critical mineral while advancing exploration and growth opportunities across its portfolio.
