Speciality Metals says it is in advanced offtake negotiations and working to close financing arrangements to advance the Mt Carbine tungsten project in far north Queensland.

The company recently reached an agreement to acquire the Mt Carbine quarry as an ongoing concern, which it said would offer an invaluable revenue stream.

Speciality Metals, formerly Carbine Tungsten Limited, aims to kick-start tungsten production from Mt Carbine by using of ore-sorting technology to high-grade ore stockpiled on site.

It plans to recommission a tailings retreatment plant at Mt Carbine.

Speciality Metals executive chairman Russell Krause said the board was working to ensure the Sale and Purchase Agreement (SPA) with Mt Carbine Quarries was completed within the stipulated timeframes and that the company was in a position to reawaken its world class Mt Carbine tungsten project, taking full advantage of the synergies between the quarry and mining activities.