Xiamen Tungsten to Acquire Major Stake in Laos Mining Company

Xiamen Tungsten has announced that its wholly-owned subsidiary, CHIXIA Laos Holdings, is set to acquire a 90% stake in China Investment (Laos) Mining for a total of US$18,963,000. The deal, which involves a combination of cash and debt arrangements, includes US$6,276,500 for equity transfer and US$12,686,500 to repay loans from related parties to CIC Land.

CIC Land, a company established in Laos by CIC Property, has significant interests in the rare earth mining sector through China Investment Rare Earth Mining (REMC) and China Investment Rare Earth Mining Xiangkhuang (REMX). Both REMC and REMX, which are 86% owned by China Investment Rare Earth Mining (DDC), are instrumental in the exploration and processing of rare earth minerals. REMC is licensed for rare earth ore processing and mining on an experimental basis, while REMX holds a license for rare earth exploration.

The Mong Kham Rare Earth Mine, located in Kawthaung Province, Laos, is the focal point of this acquisition. Situated near the villages of Long Wo and Sou Mong in Mong Kham District, the mine spans an area of 50km^2. Of this, 8.0km^2 is designated for trial mining under a Trial Mining License, and the remaining 42km^2 is explored under a Prospecting License.