Xiamen Tungsten Signs Concerted Action Agreement with Controlling Shareholder for Tungsten Mine Operator

MT Newswires Live08-21 12:42

Xiamen Tungsten (SHA:600549) will sign a concerted action agreement with controlling shareholder Fujian Rare Earth Group related to the management of Jiangxi Jutong Industrial, according to a Friday filing with the Shanghai bourse.

The agreement will ensure Fujian Rare Earth's alignment with Xiamen Tungsten during shareholder and board meetings to ensure the listed company will lead the operations of Jiangxi Jutong.

Once Xiamen Tungsten completes the acquisition of a 30.1683% stake in Jiangxi Jutong, the listed company will then hold 31.5166% of Jiangxi Jutong, and Fujian Rare Earth will hold 25%.

Jiangxi Jutong operates the Dahutang Tungsten Mine. It is engaged in non-coal mining and hydropower generation, among other industries.

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