On September 22, Xiamen Tungsten announced that on September 21, 2022 it signed an investment agreement with Chifeng Gold on setting up a joint venture which will have a registration capital of RMB60 million (USD8.46 million), of which 49% will come from Xiamen Tungsten and 51% from Chifeng Gold. As a cooperation platform on rare earth resources, the joint venture will offer Xiamen Tungsten opportunities in participating in developing rare earth resources in Laos, optimizing the company's rare earth business and strengthening its rare earth supply.