The company is part of a joint venture developing the Bakuta tungsten project in Kazakhstan.

According to Bloomberg, Tungsten miner Jiaxin International Resources Investment has selected China International Capital to help prepare for a potential IPO in Hong Kong that may take place as soon as this year.

The company is considering raising ~US$100M in the first-time share sale and could lodge its IPO application with the Hong Kong Stock Exchange in the coming weeks, according to unnamed Bloomberg sources.

Jiaxin is an affiliate of Jiangxi Copper which part-owns prospecting rights for a tungsten project in Kazakhstan.

The Bakuta tungsten project is an open-pit mine project owned by a joint venture between Jiangxi Copper, China Railway Construction International Investment Group, China Civil Engineering Group, and Hong Kong Hengzhao International.

In 2021, Kazakhstan State Investment Corporation and the owners of the project signed an agreement to start full construction of the mine and a beneficiation plant. The construction period is two years. It has been reported that construction of the mine will cost a total of ~$270M.

The mine has a mineral reserve (proven and probable) of 126Mt grading at 0.23% tungsten trioxide for a total of 285kt contained tungsten trioxide. Initial mine production will be 3.3Mtpy of ore to produce 15ktpy of tungsten in concentrate.

With demand set to increase over the next decade, Project Blue believes that new sources of tungsten supply will be required. Chinese and Russian mine output is expected to fall back gradually over the forecast period, partially offset by some modest expansions from existing producers in the ROW. Meanwhile, secondary production is expected to see some gradual increases.

Our base case anticipates that, by the late 2020s, there will be a requirement for tungsten units from new projects. It is reasonable to assume that 2 to 3 projects will be able to start operating and ramp up production by then, but by no means will all projects be required in the medium term. By the 2030s, there will be a requirement for additional output. This will need to come from either expansion of existing operations, increased secondary output or additional new projects.