Carbine Tungsten with Mitsubishi enters MoU

Australian tungsten producer Carbine Tungsten has entered a Memorandum of Understanding (MoU) with offtake partner Mitsubishi Corporation Unimetals (MCU) to support the development of its existing hard-rock stockpiles and historic open pit tungsten mine.

MCU, part of the Mitsubishi Group, intends to provide funding for Carbine’s hard-rock project, and to continue to participate in the offtake agreement once Carbine moves into the development phase for these assets, the company said on Monday February 25. The MoU includes potential financing and technical support for the development of the hard-rock project, and an offtake consideration for 80% of the tungsten stockpiles and 50% of the ore produced from the historic open pit tungsten mine, Carbine said. MCU has also begun its consideration to fund A$15 million ($15.5 million) of the capital requirement for Carbine’s planned development programme of the existing stockpiles, which is the company’s main focus.

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