On September 23, 2023, Xiamen Tungsten and China Rare Earth Group signed a Cooperation Framework Agreement, aiming to give full play to their respective advantages, strengthen cooperation in the rare earth industry, achieve mutual benefits and win-win results, and promote the high-quality development of the rare earth industry in Fujian Province.
The announcement shows that Xiamen Tungsten and China Rare Earth intend to carry out a wide range of cooperation in the development of rare earth mining in Fujian, Fujian rare earth smelting and separation industry, raw material security of Fujian rare earth deep processing industry, rare earth industry fund and innovation. The two parties intend to establish two joint venture companies, with China Rare Earth holding 51% and Xiamen Tungsten holding 49%, to jointly cooperate in the operation of rare earth mines and rare earth smelting and separation industry controlled by Xiamen Tungsten. After that, we will strive to further expand the scale of mining and smelting and separation.
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