Xiamen, China-based Xiamen Tungsten Co., Ltd (XTC) has announced that it has reached an agreement with two other domestic non-ferrous metal manufacturers, China Minmetal Nonferrous Metals Co., Ltd and Xiamen Sanhong Tungsten Molybdenum Holdings Inc., on the joint development of a tungsten production project in Xiushui Industrial Park, Jiujiang, Jiangxi Province.
According to the agreement, XTC and China Minmetal Nonferrous Metals will invest a total of RMB 4 billion ($613 million) in the project in question, with respective shareholdings of 70 percent and 30 percent. The project will be carried out in two stages. Once it is completed, its annual production capacities of tungsten powder and hard alloy will reach 6,000 mt and 4,000 mt respectively.
China Minmetal Nonferrous Metals is the second largest shareholder of XTC, and will supply raw materials to the project.