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(Yicai World) Sept. 23 — Xiamen Tungsten is becoming a member of forces with Chifeng Jilong Gold Mining to develop uncommon earth deposits in Laos, China’s largest tungsten producer mentioned yesterday.
A three way partnership with a registered capital of CNY60 million (USD8.5 million) will probably be set as much as run the venture, Xiamen Tungsten mentioned. Chifeng, northern Internal Mongolia Autonomous Area-based Chifeng Gold will maintain 51 % fairness within the JV and Xiamen Tungsten the remaining. The 2 corporations will probably be given first selection of the uncommon earth merchandise.
Though no point out was manufactured from the uncommon earth deposits that they’re focusing on in Laos, a unit of Chifeng Gold has unique exploration and mining rights to a 1,247 square-kilometer area within the Southeast Asian nation, together with the Sepon mine, Chifeng Gold mentioned final month.
Collaborating within the venture will assist Xiamen Tungsten to take part within the growth of uncommon earth sources in Laos, optimize the uncommon earth trade structure and is in step with the agency’s strategic planning and enterprise growth wants, the Xiamen, southeastern Fujian province-based firm mentioned.
Xiamen Tungsten operates probably the most full tungsten industrial chain in China. It’s primarily engaged within the analysis and growth in addition to manufacturing and gross sales of tungsten focus, intermediate merchandise of tungsten and molybdenum, uncommon earth oxides, uncommon earth metals and numerous new supplies, in addition to property creating and working.
Chifeng Gold is without doubt one of the largest gold mining teams in China and is concerned within the mining and purification of valuable metals, together with gold and copper, in addition to non-ferrous metals.
Their inventory was little affected by the information. Chifeng Gold’s share value [SHA:600988] dipped 0.2 % to complete the day at CNY21.54 (USD3) whereas Xiamen Tungsten’s shares [SHA:600549] closed down 2.3 % at CNY23.58.
Editor: Kim Taylor
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