Allens assists QIC on minerals fund's initial investments

The investments mark QIC's entry into the mining and mineral processing sectors

Allens assists QIC on minerals fund's initial investments

Allens has assisted the Queensland Investment Corporation (QIC) on its first two investments through the Queensland Critical Minerals and Battery Technology Fund (QCMBTF). 

The investments involved a $20m facility to EQ Resources for the Mt Carbine tungsten project and a $30m facility to Alpha Sapphire for its sapphire glass business. They mark QIC's entry into the mining and mineral processing sectors.

"These investments are part of a broader wave of investment into the critical minerals sector, and while lithium, nickel and rare earths may have been in the headlines more, these transactions demonstrates the breadth of opportunities in the Australian critical minerals sector", said Allens co-lead partner John Hedge.

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The $20m investment facilitates the expansion of EQ Resources’ tungsten mine in north-west Cairns and allows it to start drill testing and trial mining. Meanwhile, the $30m investment will speed up Alpha Sapphire Pty Ltd’s installation of two furnaces built for the production of sapphire glass using high-purity alumina in Gladstone. 

The Allens team helped negotiate the key facility agreement, related security arrangements, other transaction documents, and conducted legal due diligence. The cross-practice team comprised the following lawyers:

For the EQ Resources deal:

M&A and capital markets/energy and resources

  • Hedge (co-lead partner) 
  • Chelsey Drake (partner)  
  • Ben Zillmann (partner)  
  • Aidan Shanley (senior associate)  
  • George LeMass (associate)  
  • Stanton Lau (associate)  
  • Dougal Clark (lawyer) 

Banking and finance

  • Karla Fraser (co-lead partner)  
  • Claire Watson (senior associate) 

Environment and planning

  • Bill McCredie (partner)  
  • Julieane Materu (senior associate)  
  • Amy Fleming (associate) 

For Alpha Sapphire transaction:

M&A and capital markets

  • Hedge (co-lead partner) 
  • Mark McAleer (partner)  
  • Emma Cockburn (lawyer)  

Banking and finance

  • Fraser (co-lead partner)  
  • Watson (senior associate) 


  • Tracy Lu (managing associate)  
  • Rob Munro (managing associate) 

Technology, media and telecommunications

  • David Rountree (partner)  
  • Bella Busby (lawyer) 

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