On October 24, China Tungsten and Hightech Materials Co., Ltd. (CMT) signed an agreement with Minmetals Tungsten Co., Ltd. to acquire a 99.9733% stake in Hengyang Yuanjing Tungsten Co., Ltd. for 821.5 million yuan (73.34 million US dollars), to be paid in cash. The deal is expected to boost CMT's self-sufficiency in tungsten resources and strengthen its control over the tungsten industry chain.
Yuanjing Tungsten is mainly engaged in mining and beneficiation of tungsten ore and sales of tungsten concentrate. The company holds the Dazao mining license with an annual production capacity of 759,000 tonnes. As of May 31, 2025, it had total ore resources of 40.36 million tonnes, containing 154,463 tonnes of tungsten with an average grade of 0.383%. The mine's annual tungsten output is around 2,600 tonnes.
