Tungsten Mines of Jiangxi Tungsten Holding Group Co., Ltd. Completed 49.7% of the Annual Target of Tungsten Concentrate, with a YoY Increase of 4.1%



Tungsten Mines of Jiangxi Tungsten Holding Group Co., Ltd. Completed 49.7% of the Annual Target of Tungsten Concentrate, with a YoY Increase of 4.1%

On July 11th, 2018, Jiangxi Tungsten Holding Group Co., Ltd. officially held its interim working meeting in Nanchang. From January to June, the Group’s major production and operation indicators went beyond the expectations and exceeded those of the previous year, realized operating income of RMB 11.04 billion (58.7% of the annual budget), with a YoY increase of 24.9%, realized industrial added value of RMB 1.23 billion, with a YoY increase of 60.9%, realized profit of RMB 200 million (79.33% of the annual budget), with a YoY increase of RMB 304 million, realized return on equity of 9.97%, with a YoY increase of 17.02%; the enterprises proposing to join Jiangxi Tungsten realized profit of RMB 378 million, with a YoY increase of 738.96%, and return on equity of 22.79%, with a YoY increase of 16.31%; the Group realized total export-import volume of USD 250 million, with a YoY increase of 103%, recording a new high over the past 20 years; and other work scored new progress.

- Overall growth of production. The production of tungsten concentrate of tungsten mines completed 49.7% of the annual target, with a YoY increase of 4.1%; tungsten smelted products, Niobium-Tantalum concentrate, feldspar powder and Niobium-Tantalum smelted products realized a YoY increase of 16.2%, 15%, 97.2% and 19.8% respectively; the production of magnetic separators realized steady growth, with a YoY increase of 50.9%; total machining volume realized a YoY increase of 24.9%; in the first half of 2018, a total of 7 plants successfully realized the objective of “meeting half of both annual production target and growth target”.

- Significant marketing effect. In the first half of 2018, both the sales and price of tungsten concentrate recorded a new high since 2013; from January to June, the export value of tungsten products scored a YoY increase of 143%; the operating income of enterprises in normal production realized a YoY increase of 57.3%; the special-purpose APT, tungsten powder and other products continued to keep a stable market share and reasonable price level in the fierce competition; and Niobium-Tantalum concentrate and cobalt smelted products remained high market demand.

- Significant increase in profit. Among the 69 enterprises included in the statistics, 40 enterprises realized positive profit (36 enterprises in 2017), including Yichun Mine of RMB 101.70 million, Jiangxi Tungsten Cobalt Mine of RMB 48.41 million, Dajishan Cobalt Mine of RMB 44.38 million, Tieshanlong Tungsten Mine of RMB 30.61 million, and Piaotang Tungsten Mine of RMB 29.48 million.

- New progress in reform and innovation. In the first half of 2018, the Group developed 29 new products and implemented 6 technological upgrading projects; won 4 science and technology awards at the provincial and ministerial levels, specifically, the project titled “key technology and industrialization of overall clean recycling of waste resources of ultra-low grade Niobium-Tantalum mine” won the First Prize in Science and Technology awarded by China Nonferrous Metals Industry Association, and bonded NdFeB magnetic powder developed by Rare Metals & New Materials won the First Prize in Outstanding New Products in Jiangxi Province; strengthened the disposal of zombie enterprises and inefficient assets, actively advanced the reorganization and IPO, and completed corporate system transformation of Yichun Niobium-Tantalum Mine, the equity transfer of minority shareholders of two enterprises and capital increase via mining right of four enterprises.

- Strengthened internal management. The Group raised funds from various channels to guarantee the normal production and operation, implemented central management of funds in phase, established the capital pool of group company to realize efficient and intensive fund utilization, and introduced third-party appraisal agency to assess the work performance and implementation of deputy managers and functions at the group level in 2017.