2338 GMT - Morgans views recent setbacks at EQ Resources' Mount Carbine tungsten mine in Queensland state as a blip. Production fell by more than 50% in the three months through December due to the availability of process water, according to analyst Chris Brown. Then, seasonal wet weather stymied efforts to bring in consumables, including explosives, from Townsville, and production fell further. "Our expectation is for a return to normal operating conditions for the balance of 2025," says Morgans. "We expect a major turn-around for Mt Carbine, returning to previous mining rates, and benefiting from an increased head grade." Morgans, which rates EQ Resources as a "speculative buy," expects the operation will be cash flow positive. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 22, 2025 19:38 ET (23:38 GMT)
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