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EQ Resources Abandons Tungsten Metals Group Acquisition After Review, Shares Fall 9%

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-- EQ Resources (ASX:EQR) said it will not proceed with the proposed acquisition of Tungsten Metals Group and its subsidiaries after a review of strategic priorities, according to a Friday Australian bourse filing.

EQ Resources' board determined that proceeding with the acquisition was not in the best interests of shareholders at this time, Managing Director Craig Bradshaw said.

The firm plans to focus on increasing tungsten concentrate production from the Mt Carbine operation in Queensland and the Barruecopardo mine in Spain, as well as expanding its resource and reserve base through planned drilling programs.

Its shares fell 9% in recent trading on Friday.

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