NRW Holdings’ wholly owned subsidiary Golding Contractors Pty Ltd (Golding) has signed a contract with EQ Resources Limited (EQR), for the restart of the open pit mining operations at its 100%-owned Mt Carbine tungsten mine near Cairns, Queensland.

The committed contract period is 70 months and representing an estimated contract value of A$179 million. The contract provides for the first 12 to 18 months to be completed on a rates and cost- plus basis to establish a site-specific baseline cost. After this period the parties intend to transition to a rise and run matrix of rates, on fleet composition and material type basis.

The scope of the project includes all mine planning, scheduling and operations including moving waste, ore and low-grade stockpile material to the processing plant. The project will employ approximately 50 people largely sourced locally and from the wider North Queensland area. Golding will deploy a mix of existing, hired and client owned fleet to the project.

Golding CEO Geoff Caton commenting on the contract said: “I am delighted that the Golding team have now executed the contract with EQR. This Contract is the culmination of a period whereby the Parties have been working closely together under an early engagement contract. This has been a very positive experience for Golding and the team are now very excited to move to the next phase with EQR.”