Tungsten Mining has bought the Watershed tungsten project in far north Queensland for $15 million.
The seller, Vital Metals, completed a definitive feasibility study (DFS) for the project in 2014.
Watershed, 130km north of Cairns, is described as a development-ready project with granted mining leases and an environmental authority for an open-pit development.
The sale is subject to conditions, with completion is anticipated to occur in about two months.
“We are delighted to have agreed terms for the purchase of this significant development-ready tungsten project,” Tungsten Mining chief executive officer Craig Ferrier said.
“Tungsten Mining have a stated objective of becoming a globally significant player in the tungsten industry. The Watershed project complements our existing
portfolio of advanced tungsten projects and substantial inventory of contained metal”.