EQ Resources Lifts Barruecopardo Ore Reserves to 13.87 Million Tonnes
EQ Resources has announced a significant 39% increase in ore reserves at its Barruecopardo tungsten mine in Spain, extending the mine's operational life to 2034. This update reflects operational improvements and rising tungsten prices amid global supply constraints.
- 39% increase in Barruecopardo ore reserves to 13.87 million tonnes
- Mine life extended to 2034 based on updated reserve estimates
- Operational improvements driving higher recoveries and cost efficiencies
- Independent reserve update by Mining Sense Global SL
- Permit variations planned to accommodate expanded mine footprint and waste storage
Significant Reserve Upgrade
EQ Resources Limited (ASX – EQR) has reported a substantial 39% increase in ore reserves at its Barruecopardo tungsten mine located in Salamanca, Spain. The updated reserve estimate, now standing at 13.87 million tonnes at a grade of 0.136% WO3, marks a notable improvement from the previously depleted reserve of 9.04 million tonnes. This enhancement not only boosts the company’s resource base but also extends the mine life to 2034, providing a longer runway for production and revenue generation.
Operational Improvements and Market Dynamics
This reserve upgrade follows a focused improvement program initiated after EQ Resources acquired the Barruecopardo Mine in January 2024. The program has successfully enhanced metallurgical recoveries and operational efficiencies, contributing to the increased reserve figures. Concurrently, tungsten prices have surged due to structural supply shortages and geopolitical tensions, further underpinning the project’s economic viability.
Independent Validation and Technical Rigor
The updated ore reserve estimate was independently completed by Mining Sense Global SL, with oversight from qualified mining engineer Hugh Thompson. The assessment adheres to the JORC 2012 Code, incorporating detailed technical, economic, and environmental considerations. The study confirms the feasibility of the mine plan and the robustness of the reserve classification, with proven and probable reserves clearly delineated.
Environmental and Regulatory Outlook
While the extension of the mine life and increased waste volumes necessitate variations to existing environmental permits, EQ Resources maintains a strong track record of regulatory compliance and community engagement. The company expects timely approval of permit modifications related to the expanded pit footprint and waste storage facilities, which remain within the overall mining concession boundaries.
Strategic Positioning in Critical Minerals
As a global tungsten producer with assets in Australia and Spain, EQ Resources is well positioned to capitalize on the growing demand for critical minerals essential to modern technologies and the new economy. The Barruecopardo mine’s enhanced reserves and extended life support the company’s ambition to be a leading supplier of tungsten, a metal prized for its hardness and high melting point.
Bottom Line?
With reserves up and mine life extended, EQ Resources is poised to strengthen its role in the critical tungsten supply chain amid tightening global markets.
Questions in the middle?
- How will EQ Resources manage the environmental permit variations and potential regulatory hurdles?
- What are the risks to the projected metallurgical recovery improvements and their impact on economics?
- How might ongoing geopolitical tensions influence tungsten prices and EQ Resources’ market positioning?
