EQ Resources (ASX:EQR) Provides Update on TMG Acquisition
Acquisition Update
EQ Resources (EQR) has provided an update on its proposed acquisition of Tungsten Metals Group Limited (TMG Group). The company executed a binding Heads of Agreement on 18 November 2024 to acquire 100% of TMG and its subsidiaries, along with Mr George Chen’s interest in Asia Tungsten Products Co Ltd.
The TMG Group operates the largest ferrotungsten plant outside China, recognized for its competitive scale and cost structure. This acquisition aims to diversify EQR’s product offerings and achieve vertical integration of upstream operations, aligning with EQR’s strategic plans.
Although the exclusivity period under the HoA expired on 31 January 2025 due to pending definitive agreements, discussions continue. EQR will keep shareholder investors updated on the progress.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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