Xiamen Tungsten denies ownership of a huge Jiangxi mine

Xiamen Tungsten issued a statement on June 7 denying that it has a controlling stake in the company that have discovered the world's largest tungsten mine in southeast China's Jiangxi province, worth an estimated 300 billion yuan (US$47.15 billion).

Xiamen Tungsten's statement rebutted the article's claim that Xiamen Tungsten owned a stake in Jiangxi Jutong, the owner of the rights to the newly discovered mine.

According to Xiamen Tungsten, the article probably mistook the company for Xiamen Sanhong, another Xiamen-based firm which holds a 30% stake in Jiangxi Jutong, since Xiamen Tungsten's chairman is also a member of Xiamen Sanhong's board.

The primary shareholder of Jutong, Xiamen Tungsten said, is the Beijing-based Judian Investment, which controls a 53% stake in the Jiangxi company.

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