On 5 January 2022, Chongqing Iron & Steel Company Limited entered into the JV Contract with Baosteel Resources Holding (Shanghai) Co.,Ltd (Baosteel Resources), pursuant to which, the parties agreed to jointly contribute and establish a JV Company named as Baowu Jingcheng (Zhoushan) Mining Technology Co. Ltd. The registered capital of the JV Company is RMB 180 million, of which: Baosteel Resources will subscribe for capital contribution of RMB 145.8 million in cash, representing 81% of the registered capital; the Company will subscribe for capital contribution of RMB 34.2 million in cash, representing 19% of the registered capital.