Liaokeng Tungsten Mine Holds 3,045 Tons of WO3

The estimated value of the proceeds from the transfer of the mining right of the Liaokeng Tungsten Mine in Ningdu County, Jiangxi Province was RMB 9,484,500 on June 30, 2020, according to the announcement of the Department of Natural Resources of Jiangxi Province, including the estimated value of the transfer income of the reserves of the mining rights and mining licenses of 8.0476 million yuan, and the estimated value of the transfer income of the reserves (65% WO₃) used from September 30, 2006, to December 31, 2018, was 1.4369 million yuan.

The Liaokeng Tungsten Mine is located in the direction of 315° in Ningdu County, 15 kilometers in a straight line. The mining license covers an area of 0.473 square kilometers. The validity period is from December 4, 2019, to December 4, 2021.

As of December 31, 2018, the Liaokeng Tungsten Mine’s transfer proceeds to assess the utilization of resource reserves. Per the statistics, the mine area holds 178,800 tons of tungsten ore, and 3,045 tons of WO₃, with an average grade of 1.7% In addition, the proceeds from the transfer of resource reserves were sold out, that is, 41,700 tons of tungsten ore and 505 tons of WO₃ were used from October 2006 to December 2018.

The usable resource reserves include 145,47 million tons of tungsten ore, 2,451.91 tons of metal (WO₃), with an average grade of 1.69%. The designed recoverable reserves include 130,920 tons of tungsten ore, 2,06.72 tons of metal, with an average grade of 1.69%; 394 tons of WO₃ were recovered from September 30, 2006 to December 31, 2018.

The mining recovery rate is 90%, the ore dilution rate is 80%, the beneficiation recovery rate is 82%, the production scale is 60,000 tons/year, and the estimated mining service life is 10.91 years. The Liaokeng Tungsten Mine is an old mine with a mining history of more than 70 years. It was managed and mined by the Huameiao Tungsten Mine after liberation until 1966, and was transferred to the state-owned Ningdu County Tungsten Mine in 1967. At the end of 2004, the enterprise was restructured and managed by Xingwang Mining in Ningdu County.

Since the mine was produced in 2009, the wolframite has been the only mineral mined. From 2009 to 2014, the price of tungsten concentrate on the mineral product market was pretty. However, in recent years, the mineral product market has been weakened, and the price of tungsten concentrate has fallen sharply. This has caused a backlog of mining products and difficult capital turnover. Therefore, the Liaokeng Tungsten Mine started from July 2014 to July 2017. Production resumed in 2017.

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