Xiamen Tungsten plans to invest 3 billion in tungsten carbide project construction

Xiamen Tungsten still plans to invest heavily to build tungsten carbide project to expand existing capacity, in spite of the sharply decline in sales followed by the price downward trend of tungsten, rare earth and other major products.

The announcement published on April 17^th said that the company has sign the production project contract of tungsten carbide with Luoyang High-tech Economic & Technological Development Zone Management Committee. It will establish a company in the High-tech Zone to take responsibility for the implementation of the project while the committee will actively assist.

Xiamen Tungsten stressed that this project is a basic invest intent and will be built in phases, among which the first phases will spend 1 billion. The concrete follow-up investment ways and amount are to be researched and argued after the complement of the first phase project.

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