EQ Resources received approval from Spain's Ministerial Council to acquire Saloro, a Spanish tungsten mining company and owner of the Barruecopardo tungsten mine.

The company now owns 100% of the mine after Spain's antitrust agency cleared the deal.

The acquisition means EQ is a step closer to consolidating two tungsten mines.

As per the agreement, Oaktree Capital will invest $25m in EQ by subscribing to 278 million new ordinary shares for 9 Australian cents each.