Xiamen Tungsten and China Rare Earth Group sign agreement to develop rate earth resources in Fujian
2023-09-25 14:43:12 [Print]
On September 23, Xiamen Tungsten Co., Ltd. entered into an agreement with China Rare Earth Group Co., Ltd. to advance the development of rare earth resources in Fujian by establishing close cooperation on the supply of raw materials for mining, separation and deep processing of rare earth minerals, as well as cooperating on rare earth industry fund and technology innovation.
Two joint ventures, 51% owned by China Rare Earth Group and 49% owned by Xiamen Tungsten (or its holding subsidiaries), will be set up to operate rare earth mines and separation plants owned by Xiamen Tungsten, including assets owned by its shareholders and holding subsidiaries.
In accordance with national policy, the proposed joint ventures (or other assigned entities) will work to extend mining licence and apply for new licence of Zhongfang rare earth mine, so as to keep minable reserve under permits in Fujian at no less than 200,000t of REO. The joint ventures aims to add 5,000-10,000tpa of separation capacity in Fujian in two to three years.
Two joint ventures, 51% owned by China Rare Earth Group and 49% owned by Xiamen Tungsten (or its holding subsidiaries), will be set up to operate rare earth mines and separation plants owned by Xiamen Tungsten, including assets owned by its shareholders and holding subsidiaries.
In accordance with national policy, the proposed joint ventures (or other assigned entities) will work to extend mining licence and apply for new licence of Zhongfang rare earth mine, so as to keep minable reserve under permits in Fujian at no less than 200,000t of REO. The joint ventures aims to add 5,000-10,000tpa of separation capacity in Fujian in two to three years.
