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Carbine Tungsten set for production jump from stockpiles at Mount Carbine in QLD

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Carbine Tungsten (ASX:CNQ) has secured Environmental Authority approval for stockpile processing of up to 3 million tonnes per annum at its flagship Mound Carbine project - a key step towards Carbine's aim of becoming a major tungsten producer.

The transition from a tailings retreatment operation to hard rock tungsten development will significantly increase production.

The blessing from the Queensland Department of Environment and Heritage Protection also clears the last major hurdle in securing the $15 million in development funding from Mitsubishi Corporation, previously outlined via MOU.

Additionally, discussions are ongoing with a range of other potential project partners and sophisticated investors.

Tungsten ranked second behind rare earths in the British Geological Survey's 2012 supply risk index, based on a number of factors such as location and concentration of production and reserves. Prices are currently strong, rising 20% since April, from $40 to $48 USD per kilogram.

CNQ has a market cap of $15 million, and is in prime position to capitalise on growing tungsten demand with support from a global major in Mitsubishi.

 

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