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 s...

By Tyler Durden