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Elmet Increases Stake in EQ Resources

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The Elmet Group (ELMT) said Thursday it exercised an option to buy 20 million ordinary shares of EQ Resources, lifting its total holding in the tungsten producer to 23,652,634 shares.

The purchase is tied to a 2024 five-year offtake agreement covering tungsten concentrate from EQR's Barruecopardo mine in Spain, valued at roughly A$30 million ($20.7 million) at current market prices.

Elmet said the investment is aimed at strengthening supply chain resilience for critical raw materials, with a focus on defense applications.

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