Kuimeishan Tungsten Mine Mining Rights Transfer Income of 13.8626 Million Yuan

Jiangxi Kuimeishan Tungsten Industry Co., Ltd. applied for the renewal of the registered mining rights. According to the announcement of the Jiangxi Provincial Department of Natural Resources, the evaluation value of the mining right transfer income of the Kuimeishan Tungsten Mine is RMB 13.8626 million. The estimated recoverable unit price is 2518.58 yuan/ton, which is higher than the market benchmark price of 2331.8 yuan/ton for the proceeds from the transfer of mining rights in Jiangxi Province (mineral types: black tungsten, pit mining, grade greater than 0.4%).

The tungsten mining area of Kuimeishan Mine is located in Kumeishan Town, Dingnan County, Ganzhou City, Jiangxi Province. It is a century-old mine. The mining right assessment mine area is 6.5316 square kilometers, and the mining depth is +762m to -400m. The mining area is located in the regional structure-the fault zone at the top of the Kuimeishan compound anticline and its wings. The main structure is folds and fractures. The ore bodies are mainly characterized by quartz vein type wolframite and skarn type scheelite.

As of the base date of the last transfer of estimated reserves verification (November 31, 2006), the cumulative amount of wolframite ore (122b+332+333) was 5.437 million tons, and the amount of WO3 was 37,554 tons; as of the base date of this reserve verification (December 31, 2016), the cumulative amount of wolframite ore (122b+333) was 6.164 million tons, and the amount of WO3 was 41,423 tons.

The newly-added resource reserves are assessed to be quartz vein type wolframite (the new resource reserves of skarn-type scheelite are negative), and the newly-added resource reserves are estimated to be used in the transfer of 727,000 tons of ore and 3,869 tons of WO3. The average grade is 0.53% with an estimated use of recoverable reserves of 828,800 tons, WO3 is 5,504.13 tons (all are wolframite), and the average grade is 0.66%.

The designed loss of ore is 1,400 tons (WO3, 12.4 tons); the mining recovery rate is 90%, the ore dilution rate is 47.50%. The production scale is 150,000 tons/year of ore volume. The estimated calculation period is 10.52 years. The product plan is tungsten concentrate (WO365%). The beneficiation recovery rate is 82%.

The Kuimeishan Tungsten Mine of Jiangxi Kuimeishan Tungsten Industry Co., Ltd. was founded in 1953 and is a wholly state-owned enterprise. The mine adopts underground mining, and most of the mining and beneficiation systems have been completed. Complete living and working facilities such as residential areas, duty rooms, warehouses, and beneficiation plants have been built. Since the establishment of the mine, the accumulated loss of ore was 5.978 million tons, and the amount of tungsten metal (WO3) was 40,269 tons. During the site survey, the mine was in a state of suspension.

As of December 31, 2018, the reserves of Kuimeishan Tungsten Mine's prospective mining area are: wolframite (122b+333) 223,000 tons, metal 1,449 tons (including 122b ore 102,000 tons, tungsten metal 654 tons ; 333 ore volume is 121,000 tons, tungsten metal volume is 795 tons); scheelite ore volume (122b+333) is 305,000 tons, the metal volume is 1,617 tons (including 122b ore volume is 88 thousand tons, tungsten metal volume is 277 tons; 333 ore The amount is 217,000 tons, and the amount of tungsten metal is 1,340 tons) respectively.

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