Xiamen Tungsten: Plans to acquire a 69% stake in Jiujiang Dadi Mining Development Co., Ltd.

iDaily AI Express: Xiamen Tungsten Industry (SH 600549, closing price: 55.71 yuan) announced late on March 24 that, as the company’s tungsten industry chain—especially the downstream processing and application-area capacities such as cemented carbide, cutting tools, tungsten wire, and other tungsten-related segments—continues to ramp up, the company’s demand for tungsten resources has been increasing year by year. At present, the tungsten concentrates produced by the company’s three operating tungsten mine enterprises and one under-construction mine enterprise can only meet part of the company’s needs. To reduce related-party transactions and improve raw-material supply assurance, the company plans to use cash contributions of about 128 million yuan to acquire related party Jiangxi Jutong’s 30% equity interest in Jiujiang Dadi, and plans to use cash contributions of about 167 million yuan to acquire the 39% equity interest in Jiujiang Dadi held by non-related party Shangda Xin. In total, the company plans to use about 295 million yuan in cash to acquire a 69% equity interest in Jiujiang Dadi. Jiujiang Dadi holds the detailed prospecting exploration permit for the Yangsidi copper-molybdenum polymetallic deposit in Xiushui County, Jiangxi Province. Its wholly owned subsidiary, Xiushui Kunshan Tungsten Mine Co., Ltd., holds the mining license for the Kunshan tungsten-molybdenum mine in Xiushui County, Jiangxi Province. After this transaction is completed, the company will hold a 69% equity interest in Jiujiang Dadi, becoming the controlling shareholder of Jiujiang Dadi, and Jiujiang Dadi will be included in the company’s consolidated financial statements.

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