Andrew Forrest buys stake in EQ Resources

• Mining billionaire Andrew Forrest bought a $190 million stake in Australian tungsten miner EQ Resources.
• The transaction gave Forrest a 16.8% holding and sent the miner's share price up to $0.27.
• The investment targets the growing global demand for tungsten from the defence, renewable energy, and artificial intelligence sectors.

Andrew Forrest acquired a $190 million stake in tungsten producer EQ Resources (ASX:EQR) through his Wonongarra investment vehicle to take a 16.8% holding in the company.

The transaction occurred after global tungsten prices rose almost tenfold over the past 18 months due to sustained demand from the industrial, technology, and defence sectors.

“Oaktree backed our vision at a pivotal time, and their partnership has been instrumental in establishing EQR as the leading Western tungsten producer,” said EQ Resources Managing Director Craig Bradshaw.

United States investment firm Oaktree Capital Management sold the equity position to Forrest after holding the stake for more than two years.

Following the announcement, the EQ Resources share price was up at $0.27.

The $1.1 billion mining business experienced a share price increase of more than 500% over the past year.

The equity movement followed the implementation of export controls on the critical mineral by the United States government.