EQ Resources (ASX:EQR) and Elmet Technologies established a partnership involving a multi-year offtake contract, with Elmet investing AU$2 million as an advance payment, the miner said in a Monday filing with the Australian bourse.
The collaboration aims to boost the global tungsten supply chain by combining Western raw materials and manufacturing sources.
Both firms will also explore joint opportunities in US government programs to advance the development of critical materials and further integrate EQ Resources' tungsten concentrate downstream, the filing said.
Shares of EQ Resources jumped nearly 5% in recent trade.
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