[Domestic] Xiamen Tungsten Industry And China Rare Earth Group Carries Out Cooperation

On the evening of September 24, Xiamen Tungsten Industry announced that on September 23, the company and China Rare Earth Group Co., Ltd. signed a "Cooperation Framework Agreement" to give full play to their respective advantages and strengthen cooperation in the rare earth industry. They will jointly strive to achieve mutual benefit and win-win results as well as promote the high-quality development of Fujian's rare earth industry. The two parties plan to carry out extensive cooperation in the fields of Fujian rare earth mining development, Fujian rare earth smelting and separation industry, raw material guarantee for Fujian rare earth deep processing industry, and rare earth industry funds and innovation.

Xiamen Tungsten Industry said that the agreement will help both parties deepen cooperation in the field of rare earths to achieve mutual benefit and win-win results. In addition, it will also accelerate the strategic coordination between the central and local corporations and energize the high-quality development of the rare earth industry. Moreover, it is conducive to ensuring the supply of stable and high-quality raw materials for the rare earth deep processing business, which will assist the company’s sustainable development and is in line with the overall interests of the company and shareholders.