Xiamen Tungsten Plans to Build A New Bar Production Line

Xiamen Golden Egret Hard Alloy Co., Ltd., affiliated to Xiamen Tungsten, plans to invest RMB 115 million in constructing a new bar production line with annual capacity of 900 tons in Xiamen Golden Egret Haicang Industrial Park. This project plans to kick off in August of this year and is going to be completed by the end of next year. Established on , 30, 2018, Xiamen Golden Egret Hard Alloy Co., Ltd. is mainly engaged in non-ferrous alloy manufacturing, rare-earth metals pressing and forged pieces and powder metallurgy product manufacturing, etc. The investment totals RMB 115 million, which includes fixed assets investment of RMB 83.41 million and initial working capital of RMB 31.71 million. All efforts will be made to ensure that the project reaches design capacity in 2023, and after that it will generate sales proceeds of RMB 329 million annually. According to responsible person from Xiamen Tungsten, this production line will help to expand annual bar production capacity to 6100 tons, which makes great contributions to business expansion of the company, swift market share seizing in bar market and raising market position and anti-risk capacity.