Xiamen Tungsten Subsidiary Halts Operations as CMOC Suspends Tailings Supply

Stock News07-01

An announcement has been made by Xiamen Tungsten Co.,Ltd. (ASX: 600549) regarding its subsidiary.

The company's controlling subsidiary, Luoyang Yulu Mining Co., Ltd., is engaged in the comprehensive recovery of scheelite from the molybdenum processing tailings of the Second Beneficiation Branch of Luoyang Luanchuan Molybdenum Industry Group Co., Ltd.

The ore for this operation is sourced from the Luanchuan Sandao Zhuang molybdenum mine owned by Cmoc Group Limited (ASX: 603993).

It has been reported recently that CMOC, which is also a shareholder in Luoyang Yulu, has suspended the supply of tailings to the subsidiary.

This suspension has resulted in Luoyang Yulu being unable to continue its production activities.

As of now, operations at Luoyang Yulu have essentially ceased.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment