Xiamen Tungsten Industry signs Strategic Cooperation Framework Agreement with Jiang Tungsten holding Group and Xiamen Sanhong

SMM September 19: Xiamen Tungsten Industry announcement, the company and Jiang Tungsten holding Group, Xiamen Sanhong signed a strategic cooperation framework agreement in Nanchang City, Jiangxi Province on September 18, 2019. The three parties decided to carry out extensive and in-depth exchanges and cooperation and establish strategic partnerships in the upstream and downstream business of tungsten, rare earth and cobalt resources development, smelting and deep processing. The three parties will carry out joint ventures and cooperation in Jiangxi Wuning-Jingan tungsten resources, Fujian Shanghang rare earth resources and cobalt industry of Jiangxi Tungsten holding Group, and strengthen business exchanges among various owned business units. the Dahutang Tungsten Mine in Jutong, Jiangxi Province and the Dawutang Tungsten Mine controlled by Hongda Company in Jiangxi Province will be jointly developed. The company and Jiang Tungsten holding Group agreed to continue to promote the company to participate in Fujian Shanghang rare earth mine development cooperation project. The company and the Jiangxi tungsten holding group agree that the company will participate in the cooperative project of Jiangxi tungsten cobalt co., Ltd., in the form of capital increase and share expansion, after assets evaluation, the capital will be increased according to the subscription share ratio, and the equity ratio is to be determined

The principle agreement signed by Xiamen Tungsten Industry and Jiangxi Tungsten Industry holding Group Co., Ltd., Xiamen Sanhong Tungsten and Molybdenum Co., Ltd., is the intention agreement of tripartite cooperation will and basic principles.

Jiang Tungsten holding Group is mainly engaged in tungsten, tantalum and niobium, rare earth, cobalt and nickel and other rare metal mining, smelting, processing business, etc., has formed tungsten, rare earth, tantalum, niobium lithium, copper, cobalt, nickel, molybdenum and tin four major non-ferrous metal industry plates; mining and metallurgical technology, industrial development level in the domestic industry in the forefront; magnetic separation equipment technology and product quality in the same industry advanced level; It is an important supplier of tungsten, tantalum and niobium concentrate in China, an important producer and distributor of tungsten, tantalum, niobium and rare earth smelting products, and is the executive director unit of China Nonferrous Metals Industry Association. there are five national scientific research and innovation platforms, such as national enterprise technology center, postdoctoral scientific research workstation and so on.