China Rare Xiamen Tungsten Rare Earth Mining Co., Ltd. announced that it expects to receive CNY 100 million in funding from China Rare Earth Group Co., Ltd., Xiamen Tungsten Co.,Ltd.

China Rare Xiamen Tungsten (Fujian) Rare Earth Mining Co., Ltd. announced that it has entered into a capital increase agreement and it will receive CNY 100 million in an equity round of funding on December 27, 2023. The transaction will include participation from returning investors, China Rare Earth Group Co., Ltd., for CNY 51 million Xiamen Tungsten Co.,Ltd. for CNY 49 million. After the capital increase is completed, the registered capital of company will be changed from CNY 60 million to CNY 160 million.

And Xiamen Tungsten Co., Ltd and China Rare Earth will still hold 49% and 51% of the equity of company. The transaction was reviewed and approved at the 37th meeting of the 9th board of directors of the Xiamen Tungsten Co., Ltd and does not need to be submitted to the shareholders' meeting for review and approval.