The CRONIMET Group has sold its shares in the Australian joint venture with EQ Resources Limited (EQR), which specialises in the extraction of tungsten concentrate, to its business partner. In connection with the transaction, part of the agreement is that CRONIMET will acquire a larger block of shares in the company, which is listed on the Australian stock exchange. By also agreeing additional marketing rights for a Spanish tungsten mine belonging to EQ Resources Limited, the CRONIMET Group is consolidating its position as the largest tungsten concentrate trader in the western world.
"We are pleased to continue our successful business relationship with EQR, whereby CRONIMET will focus on trading the tungsten concentrate. Our partner will carry out the extraction and processing in the Australian and Spanish mines. In this way, each will concentrate on its own strengths, which we expect to result in a sustainable and purposeful partnership," says Jürgen Pilarsky, CEO and majority shareholder of the CRONIMET Group, commenting on the agreement with EQR.
The transaction is still subject to the fulfilment of customary closing conditions.
"We are pleased to continue our successful business relationship with EQR, whereby CRONIMET will focus on trading the tungsten concentrate. Our partner will carry out the extraction and processing in the Australian and Spanish mines. In this way, each will concentrate on its own strengths, which we expect to result in a sustainable and purposeful partnership," says Jürgen Pilarsky, CEO and majority shareholder of the CRONIMET Group, commenting on the agreement with EQR.
The transaction is still subject to the fulfilment of customary closing conditions.
