Mining billionaire Andrew Forrest agrees to acquire a major stake in Sydney-listed tungsten producer EQ Resources in a deal valued at about A$190 million. Multiple outlets report that Forrest’s transaction involves buying Oaktree Capital Management’s entire 16.8% holding in EQ Resources. The stake corresponds to 862.1 million shares plus 35.6 million options, according to one report that cites terms based on the prior trading close. Following the announcement, EQ Resources shares jump sharply in Sydney, with one source reporting a rise of 34% on Monday. The company is described as a producer of tungsten, a mineral used in applications including industrial cutting tools, electronics, aerospace components and defence-related products. Reports also note that tungsten supply and demand dynamics are influenced by China’s policies and export controls, which have tightened markets and contributed to higher prices in recent months. Overall, the coverage is focused on the ownership change, deal value and the immediate market reaction for EQ Resources shares.
Andrew Forrest to buy 16.8% stake in EQ Resources for $190 million
Mining billionaire Andrew Forrest agrees to acquire a major stake in Sydney-listed tungsten producer EQ Resources in a deal valued at about A$190 million. Multiple outlets report that Forrest’s transa...
- Andrew Forrest agrees to buy a 16.8% stake in EQ Resources, a tungsten producer listed in Sydney.
- The seller is reported as Oaktree Capital Management, with Forrest purchasing its entire 16.8% position.
- The transaction is valued at about A$190 million (about $133 million, based on one report).
- EQ Resources shares rise sharply in Sydney after the deal is announced, with one source reporting a 34% jump.
- Reported deal terms include 862.1 million shares and 35.6 million options.
Tungsten Miner Soars After Billionaire Forrest Takes 17% Stake Australian mining billionaire Andrew Forrest, founder and executive chairman of iron ore giant Fortescue, has agreed to acquire Oaktree Capital's entire 16.8% stake in the Sydney-listed tungsten producer EQ Resources. Shares of EQ Resources in Sydney surged 34% on Monday following news of the transaction, which is valued at about 190 million AUD ($133 million) based on Friday's close. The deal covers 862.1 million shares and 35.6 million options. Forrest's most likely reasoning for the deal is that EQ Resources controls one of the largest operating tungsten platforms outside China. Tungsten is a critical metal used in armor-piercing munitions, aerospace components, cutting tools, electronics, and semiconductor manufacturing. Bloomberg noted that, outside of China, Australia has the world's largest tungsten reserves, accounting for about 80% of global production. Prices of tungsten in Europe reached a new all-time high of $3,025 per ton after a year-long rally, following Beijing's decision to place certain tungsten products on its export control list. Beyond China, stockpiling has accelerated and war demand is driving a squeeze in physical markets. George Heppel, vice president of commodity research, told Bloomberg earlier this year: "In my 12 years working across the commodity space and dealing with a lot of weird and wonderful metals, I have never seen a market as tight as tungsten is right now, aside from maybe lithium in 2021." Tyler Durden Mon, 07/20/2026 - 09:05
8 hours agoAndrew Forrest has struck a deal to acquire a significant stake in listed tungsten producer EQ Resources in a transaction valued at $190 million.
20 hours agoEQ Resources Ltd. shares surged after mining billionaire Andrew Forrest agreed to acquire a 16.8% stake in the Sydney-listed tungsten producer from Oaktree Capital Management LP.
20 hours agoAndrew Forrest has taken a major stake in tungsten producer EQ Resources as the mining magnate further extends his reach beyond iron ore and into critical minerals.
21 hours ago
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