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One of Australia’s leading tungsten producers has acquired European tungsten producer Salora S.L.U from global investment manager Oaktree.

EQ Resources (EQR), which owns the Mt Carbine tungsten mine near Cairns, will acquire 100 per cent interest in Salora in order to strengthen its presence in the global tungsten market.

“This is without doubt an outstanding development and a transformational acquisition for EQR that delivers a huge value opportunity for shareholders,” EQR chief executive officer Kevin MacNeill said.

“We continue building a robust growth pipeline with the addition of the Saloro operation and considering the exploration ground around the Barruecopardo mine is covering prospective historical workings.”

The Barruecopardo mine is located in Salamanca, Spain, and represents one of the largest tungsten reserves in the country.

Oaktree has invested $25 million in EQR as part of the transaction. Oaktree managing director Federico Alvarez-Demalde said the company is excited to see where EQR goes from here.

“EQR is a remarkable partner that shares our operational excellence and ESG values, committed to responsible and sustainable practices,” Alvarez-Demalde said.

“This partnership reinforces our conviction about the incredible opportunity presented in the tungsten supply space, and the need to secure sustainable and ESG focused critical metals supply chains.”