Newell Beach boat ramp newly built with Mt Carbine’s green waste rock. The Company has once again had another productive year through its Mt Carbine Quarry operations, which has completed the supply of 7,500 tonnes of various repurposed products for the Newell Beach boat ramp development located north of Port Douglas. This was the largest tender awarded to the Quarry during the financial year. Demand for Mt Carbine rock and aggregate is being driven by increased regional infrastructure investment by the government. The Company was able to produce the products through the stockpiled oversize rock from the mining of the LGS. The Company envisages making use of all materials available at Mt Carbine, being in a coastal setting, this oversize rock is used for armour rock in local breakwater developments. The Company will continue to target opportunities of this nature as it is a by-product of the operation, has a low cost of production and is effectively a recycled material falling under the Company’s strategy to beneficially reuse all of its materials. EQR has also been able to work with the Mareeba Shire Council in the delivery of materials for the repair and upgrade of roads in the regional area. While EQR is aiming for a leadership role in the sustainable development of critical mineral projects, we are continuously looking at non-conventional waste treatment options. The Quarry provides a complementary revenue stream to the Company’s primary product being tungsten concentrate. Additional revenue drives down unit costs and helps Mt Carbine build a mine for the future. The Company’s ambition is to build a mine with low impact and maximum use of mined materials, a truly circular enterprise. In addition to satisfying the Newell Beach contract, over the period several other smaller contracts were also completed and several tenders submitted, with the Quarry seeing the benefit of these submissions picking up during the first quarter of the new financial year. Large Rocks are used in the construction of breakwaters for local marinas. Quarry stockpiles. The Quarry currently produces more than 18 products, of which, the regular products are stockpiled on site and ready for despatch. As contracts continue to be successfully completed, the modernisation of the Quarry gains traction and is allowing the Quarry to tender on larger jobs in more distant regions when combined with the beneficial reuse of the XRT Sorter waste materials as a product supply for quarry aggregates. The Company continues to look for innovative solutions for the Quarry that will allow for sustainable and continuous income. In this connection, the Company has continued investigating potential valueadd technologies to transform rock waste into highervalue, lower-carbon intensive building products, mainly for construction materials and innovative road making materials for the time being. EQ Resources Limited Annual Report 2022 21
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