Xiamen Tungsten Industry will Buy Tungsten Molybdenum Concentrate from Australia

In November 3rd, Australian media reported that the Moore Jinshan tungsten mine project in Western Australia was officially approved in 2018 through environmental approvals. By then, Xiamen tungsten industry Limited by Share Ltd (XTC) will be purchased from the project of tungsten and molybdenum concentrate.

It is reported that MT Mulgine tungsten mine is held by a new Australian tungsten mine developer Tungsten Mining NL, and NL tungsten mine is a primary Australian listed company (ASX:TGN). The main business of the company is to explore and develop tungsten mines in Australia. Not long ago, NL tungsten mine signed a memorandum of understanding with the Xiamen tungsten industry. In the future, the two companies will establish a buying and selling agreement. According to the agreement, Xiamen tungsten industry will buy tungsten molybdenum concentrate from the Moore Jinshan project and provide advanced Chinese mineral processing technology for tungsten mining.

Craig Ferrier, CEO of NL Tungsten Mines, stated: “We are very pleased to be able to cooperate with the major tungsten tungsten market players in the global tungsten market so that we can ensure that we have the best expertise to provide maximum value to our customers and shareholders. I am very happy to have another important milestone in our development."

Moore Jinshan project is located in the Murchison area of Western Australia, located 350 kilometers northeast of Perth. The tungsten mine was first discovered in the 80s of last century. The total resources estimated in 2012 were 71 million 900 thousand tons of ore, and the conversion metal reserves were about 16400 tons, including an average grade of 0.18% WO₃ and 230ppm Mo, mainly coarse scheelite, and the reserves also included a certain amount of platinum and by-product gold and silver in a certain amount of economic recovery.

In 2005, NL tungsten mine purchased the project from other companies, followed by a large amount of exploration on the tungsten and molybdenum mines in the MT Mulgine area, and has delimited two open surface mining areas on the Mulgine Trench and Mulgine Hill deposits. It is no doubt that the mine is another large tungsten mine outside China. In the tungsten mine of Mashan Group in Vietnam, NL has 100% tungsten and molybdenum rights in the project.

In the near future, the tungsten mine has been approved by the Australian government through environmental review and is being prepared before mining. The NL tungsten mine acquired a tantalum processing plant in the area in August. The plant will be transformed into a tungsten ore dressing plant. The factory will have a standard capacity of 30 tons per hour at the beginning of the plant, and it will increase production in the future along with the market trend.

In October, NL wolfram company raised up to $13 million 500 thousand through an unwaived price of $0.10 per share of $1 per share to qualified shareholders. With the improvement of the price of tungsten in recent months, the company's share price doubled. It is understood that the funds raised by the company will be used for the completion of pilot plant testing, geotechnical engineering and sterilizing drilling, detailed engineering and other components of the final feasibility study. Not surprisingly, MT concentrator Mulgine will be officially in 2018 production of tungsten and molybdenum concentrate.

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