EQR, Masan subsidiary partner to explore tungsten

By Bao Tran April 17, 2023 | 10:45 pm PT

Masan High-Tech Materials Corporation (MHT) and EQ Resources Limited (EQR) has signed an MOU to work together in tungsten exploration, mining, assessing new project opportunities, and new product applications.

The MOU is augmented by an existing long-term offtake agreement between Cronimet Group and MHT, a subsidiary of Masan Group, which will see approximately 70% of Mt Carbine's production in 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 Franziska Brantner, the German Parliamentary State Secretary of the Federal Ministry for Economic Affairs and Climate Action, and Markus Ederer, German Ambassador to Australia.

They visited Australia to meet with Australian government representatives, various industry groups and to establish business-to-business relations in the fields of critical minerals and hydrogen.

Dr. Franziska Brantner and Dr. Markus Ederer to witnessed company representatives of EQ Resources, Cronimet and Masan signing MOU. Photo by

Franziska Brantner (back row, L), the German Parliamentary State Secretary of the Federal Ministry for Economic Affairs and Climate Action, and Markus Ederer, German Ambassador to Australia, witness as company representatives of EQ Resources, Cronimet and Masan sign an MOU. Photo by Masan

The MOU is a significant milestone for the Mt Carbine Project. It is expected to further strengthen the partnership between the companies and demonstrate the global demand for the critical mineral produced by the Mt Carbine Tungsten Project.

"German high-tech industries are urgently calling for sustainably produced tungsten. EQR is positioned to meet these long-term demands as an environmentally responsible, sustainable, and stable Western tungsten producer," EQR’s Chief Executive Officer Kevin MacNeill said.

"Masan High Materials is headquartered in Vietnam. 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."

He said the MOU based on the existing offtake agreement represents a significant milestone in the development of the Mt Carbine Tungsten Project. It also demonstrates the strength of the partnerships being forged to establish a leading Western tungsten operation.

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

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

The signing of the MOU comes as both governments aim to strengthen their cooperation on exploring critical minerals.

During the visit of Brantner to Perth, she also signed a joint government declaration 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.

It is also expected to help Germany secure reliable supplies of critical minerals to underpin its manufacturing activities.

EQ Resources Limited is the owner of the Mt Carbine Tungsten Mine near Cairns, Australia’s only primary tungsten producer.

Masan High-Tech Materials is a company providing advanced tungsten materials used in key industries such as electronics, chemical, automotive, aviation and aerospace, energy and pharmaceuticals with production facilities in Vietnam, Germany, Canada, and China.