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Tungsten Miner Soars After Billionaire Forrest Takes 17% Stake
Tungsten Miner Soars After Billionaire Forrest Takes 17% Stake
Australian mining billionaire Andrew Forrest, founder and executive chairman of iron ore giant Fortescue, has agreed to acquire Oaktree Capital's entire 16.8% stake in the Sydney-listed tungsten producer EQ Resources.
Shares of EQ Resources in Sydney surged 34% on Monday following news of the transaction, which is valued at about 190 million AUD ($133 million) based on Friday's close. The deal covers 862.1 million shares and 35.6 million options.
Forrest's most likely reasoning for the deal is that EQ Resources controls one...
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