Land and Natural Resources Web site one of the world’s largest tungsten mine “headline” news, Xiamen Tungsten (600549.SH) into the vortex of public opinion. ”

the message said proven Wuning County, Jiangxi Province, Wu Tong tungsten ore, tungsten ore reserves up to 1.06 million tons, the potential economic value of 300 billion yuan, and that the Xiamen Tungsten involved in Jiujiang Alloy project and tungsten ore exploration work .

the evening of June 6,

Xiamen Tungsten announced emergency to distance themselves from their relationship with the world’s largest tungsten mine, saying not to invest to participate in the Jiangxi the Wuning large HUTANG Tungsten ore exploration and development investment in the Wuning County Hutang tungsten its brothers of mine development company Xiamen Hong Tungsten & Molybdenum Co., Ltd. (hereinafter referred to as “Xiamen Rainbow”).

“China Business” reporter learned that, Xiamen Tungsten chairman of the board, with high, not only for “the world’s largest tungsten ore miners in Jiangxi giant Industrial Co., Ltd. (hereinafter referred to as the legal representative of the Jiangxi giant”) , a number of executives of Xiamen Tungsten is also a the Jiangxi giant through the Director. Fujian Province, metallurgy, Xiamen Tungsten and common actual control of Xiamen Hong (Holdings) Co., Ltd. said on its Web site wholly owned or controlled shares of the enterprise 18, 18 enterprises, however, did not Xiamen Hong shadow.

Xiamen Tungsten, Xiamen Rainbow and Jiangxi giant through the confusing relationship between equity, the world’s largest tungsten ore prospecting source of funds has become a mystery.

the

Xiamen Rainbow “timely” intervention of the world’s largest tungsten mine

Xiamen Tungsten claim that does not invest the Hutang tungsten mine, can not change the fact: the Jiangxi giant through the production capacity is expected to be the resulting increase Xiamen Tungsten will receive an adequate supply of “self-sufficiency rate would surge.

the

legend in the world’s largest tungsten mine – the Wuning large HUTANG tungsten mining areas in Jiangxi Province, northwest, Jiangxi and Hubei border Wuning county Nancy, Xiushui County, in Jing’an County, at the junction of nine masters, on the an elevation of 1200 meters above sea level, 71 km away from the Wuning county.

According to the Ministry of Land and Resources on the Web site message of June 5, proven by the large the Hutang tungsten ore of tungsten ore reserves up to 1.06 million tons, the potential economic value of 300 billion yuan, saying Xiamen Tungsten to participate in Jiujiang alloy projects and tungsten ore exploration work.

Yuzhong Zhen,

Jiangxi Geology and Mineral Resources, Deputy Secretary, “China Business” reporter said that the concept of 1.06 million tons of non-a few words to say, “reserves refers to the unit volume or unit weight of ore level, ore grade (ore grade, to determine the content of useful components or useful minerals – Reporters Note). ” Yuzhong Zhen told reporters that proved reserves does not mean that the “exploitation”, they are also a deeper exploration work, investors have not yet mined.

Xiamen Tungsten securities division head, said in response to “300 billion” rumors, to 1.06 million tons of tungsten metal reserves, the actual value is less than 150 billion yuan. Moreover, Xiamen Tungsten is not investment the Hutang tungsten ore exploration work.

Reporter in Jiangxi giant through internal

informed, the 916 Brigade of the Jiangxi Provincial Bureau of Geology and proven in large the Hutang tungsten ore North Shimen Temple ore block of tungsten metal of 758,500 tons, an average grade of 0.185%; associated copper 372 900 tons, molybdenum metal content of 31,700 tons, 422 tons of silver metal content of Northwestern brigade Hutang tungsten ore Southern District proven tungsten metal content of 300,000 tons, an average grade of 0.174%. Associated with copper metal content of 243,600 tons. The Hutang tungsten ore of tungsten metal (metal ore) Total proved reserves of 1,058,500 tons, more than Jiangxi full amount, and become the world’s largest tungsten mine.

But even Xiamen Tungsten claimed that tungsten ore uninvested HUTANG of, but also can not change the fact: the Jiangxi giant through the production capacity is expected to be the resulting increase, Xiamen Tungsten will receive an adequate supply of self-sufficiency rate would surge .

Xiamen Tungsten

had to Jiangxi giant to sign a “long-term purchase agreement in August 2011, Jiangxi giant through procurement of tungsten concentrate, the agreement is valid until August 2014. 2011 Xiamen Tungsten to the related party transactions of the of Jiangxi giant procurement tungsten concentrate the amount of 103 million yuan.

and Xiamen Tungsten is inextricably linked to Jiangxi giant pass before the arrival of the Big Wu Tong mining area was originally six enterprises to mine. Shimen Temple belongs Wuning County owned tungsten mine tungsten ore, Wu Tong tungsten ore, tungsten ore of large boulders, lion-tailed hole mining area and Shihmen Louzhen collective tungsten ore mining area, two mining areas.

began in February 2006, Wuning County of mineral resources, integration, integration of the above six mining areas Hutang tungsten ore Southern District, North, two mining warrants to the of Jiangxi giant through.

Wu Tong tungsten mine in

exploration, mining generally go through three stages, from 1957 to 2006 small-scale development of mineral resources, the integration of 2006 ~ 2009 2010 ~ 2012 large-scale exploration of Jiangxi giant appear in the second phase, while Xiamen Tungsten and Xiamen rainbow appears in the third period.

the

Xiamen Tungsten executives, who is also the actual management of the three jobs Jiangxi giant through

the same height as Jiangxi giant chairman

Xiamen Tungsten chairman Liu, Xiamen Tungsten Vice President, Deputy General Manager Xu fire Yiu, vice president Huang Changgeng is already a the Jiangxi giant Qualcomm’s board members. Huang Changgeng the identity of directors, Xu fire-yao as “others”.

June 7, rain in the newly completed Jiangxi giant through office seems to have deserted. This building shape is similar to the construction of government buildings, located in Jiangxi Wuning County Wanfu Industrial Park, northwest corner, there is a significant difference with the surrounding buildings.

the

now located here Jiangxi giant through control of the world’s largest tungsten ore mining permits. In February 2006, Wuning County integration of mineral resources, tungsten ore and integrated large Hutang Southern District, the North two mining warrants to the of Jiangxi giant through.

giant pass, Jiangxi,

head of Mr. Chu told reporters that they are in March this year, the board of directors before they moved the office, Jiangxi giant through a lot of high-level also in the board of directors before and after the adjustment.

The Jiangxi giant pass before the

was established in July 2005 by the Beijing giant Code Investment Limited (hereinafter referred to as “giant Code), Cheng Xiang, Ning tripartite invested 20 million yuan to set up. Beijing giant Code invested 1530 yuan, holding 51%. The investment side of the giant Code for Liu Dian Ping, Ma H, Song Yuqin Liu Dian hold 70% stake in Ma Jianhua, Song Yuqin holds a total of 30%.

former controlling party of the giant Code of

Jiangxi giant through its identity is also quite strange. Liu Dian level according to the Orient Asset Management Corporation Nanchang offices in the November 3, 2010 release of the debt asset disposal announcement, Beijing giant Code “transfer of assets to avoid debt shell companies”, “in addition to foreign investment the formation of equity, the company no other assets. ”

Wuning County Land Bureau, insiders said, Jiangxi giant through the legal representative of the Liu Code Wuning locals. Jiangxi giant pass control the process of large HUTANG tungsten ore is also quite “legendary.” Ching Cheong (sound), for example, a tungsten ore assets have only the price of more than 100 million transferred to the giant pass, Jiangxi, Jiangxi giant through six tungsten ore mining rights cost is not significant.

after the acquisition of six tungsten mine in Wuning County, Jiangxi giant through the shareholders on July 18, 2006 April 26, 2007, twice its capital increase, until May 2010, Xiamen rainbow.

information Xiamen Rainbow discrete manner established by the former Xiamen Tungsten, was established in April 24, 2000, the legal representative with high registered capital of 477 million yuan.

in Xiamen Rainbow before entering, Jiangxi giant through the shareholding structure of investment for the Beijing giant Code 65.0355 million yuan, holding 88.12%; yellow rather invest 728.85 million yuan, holding 9.876%; leaf Lotus invest 1.476 million yuan, holding 2% shares.

Xiamen Hong spent 22.14 million yuan to the Beijing giant Code investments acquired its holdings of Jiangxi giant through a 30% stake, the giant Code stake reduced to 58.12%.

March 20, 2009, Jiangxi giant pass the first time equity alteration registration. Changes, the Beijing giant Code and Liu Wei combined 58 percent stake in Kunshan Giant Investment Holdings Limited (the “Kunshan Giant”) the transferee. So far, Kunshan Giant pass to Jiangxi giant through the actual controller, Liu Dian thus “fade out”.

more than a month after the April 27, of Jiangxi giant through the legal representative by Liu Code change with Liu, which also serves as chairman of Xiamen Tungsten and Xiamen rainbow, the legal representative.

The headquarters of in Jiangxi giant through the front desk staff is busy copying Mining warrants and other licenses, certificates on the name of Liu typical flat, but the staff said, “Mr. Liu does not come here to work for a long time.

an informed source said that Liu Code go to Zhuhai, the basic is not Wuning “, Xiamen Tungsten to Jiangxi giant to exercise de facto management rights.

It is understood that, the Jiangxi giant through the most senior managers have been swapped, its general manager the Guo Tianhuang also served as general manager of Xiamen three rainbow. Xiamen Tungsten chairman Liu served with high Jiangxi giant chairman, Xiamen Tungsten Vice President, Deputy General Manager Xu fire Yiu, vice president Huang Changgeng has been a board member of the Jiangxi giant pass. Huang Changgeng the identity of directors, Xu fire-yao as “others”.

Xiamen Rainbow and Xiamen Tungsten to play an appropriate role, one investor, a manager. “said Wuning County Land Bureau, a person responsible for the mine management, Xiamen Tungsten is a listed company,” there money management capabilities. ”

“Xiamen Hong money prospecting, Xiamen Tungsten responsible for the management of” Jiangxi giant through the introduction of of Xiamen rainbow funds to hire the Xiamen Tungsten to Jiangxi giant to manage, the tripartite cooperation relationship.

The

2 billion prospecting?

Xiamen Tungsten

Xiamen Rainbow existence of intra-industry competition, the future will be more obvious, which is contrary to the separation of the Agreement “signed between the two discrete”.

in Jiangxi giant equity constantly changing process, in the end to pay to find out who is behind the world’s largest tungsten mine?

Jiangxi Bureau of Geology and say, belongs to the northwestern geological prospecting teams and 916 team early in 1979 had proven the Wuning large HUTANG tungsten ore reserves. But subject to the capital, technology and other factors, they had to temporarily take down the mountain.

until 30 years later, in March 2010, the Jiangxi Bureau of Geology and raised nearly two billion yuan of funds, the above two exploration teams to be re-entered the Big Wu Tong mining and large-scale, systematic exploration.

Xiamen rainbow introductory information, Xiamen Rainbow assets until December 31, 2010, 323.04 million yuan, net assets of 257.27 million yuan, of which the monetary funds of 72.92 million yuan. The Jiangxi giant through the data show that the end of 2010, its profit is less than 100 million. Both the affordability of the prospecting fund is clearly a question.

Prior to that, for entry into the upstream industry, Xiamen Tungsten, Xiamen Rainbow joint Minmetals Nonferrous Metals Co. Ltd. (hereinafter referred to as “CMN”) on April 30, 2011 signed and Jiujiang carbide project cooperation agreement, the amount of contracted investment of up to 40 billion.

Notice that the

Xiamen Tungsten on May 4, 2011, published this investment, Xiamen Tungsten and Minmetals intends to invest 20 billion tungsten deep processing industry, and another and Xiamen Hong plans to spend 20 billion yuan Tungsten exploration and mine development.

above and Xiamen Rainbow 2 billion investment plan, arrangement, Xiamen Rainbow equity management Jiangxi giant through investment of 700 million yuan, the Big Wu Tong north and south of tungsten ore mine mining; Xiamen Rainbow Holdings Jiangxi Chang Jinding tungsten and molybdenum mining Co., Ltd. invested 400 million yuan, and mine construction.

the

only Jiangxi giant through Xiamen rainbow in the early exploration and later mining investment over 10 billion giant. This heavily in Xiamen Rainbow how to get drawn, is still a doubt.

According to local media reports, on March 15 this year, the Jiangxi provincial leaders met in the Wuning County International Hotel Xiamen Tungsten chairman with. The province’s leaders believe that the discovery of the Hutang tungsten ore, poured into the hard work of Xiamen Tungsten to bear a great deal of risk, and has proven reserves of tungsten ore resources, deserves to be celebrated. ”

in accordance with the contents of the Ministry of Land and Natural Resources news release on June 5, Xiamen Tungsten both of Jiangxi giant through managers, but also for the end investor. The message said, “Xiamen Tungsten total planned investment of 100 million yuan to take a rolling input (the way). Xiamen Tungsten’s high-level speaker: make way for production, mining, prospecting, and would rather stop production, but also to ensure the timely payment of exploration funds Today project to do down, Xiamen Tungsten invested a total of over $ 200 million of exploration funds. ”

this message and quote the northwestern team captain Wu Jianping and 916 geological team captain Mu Liu significant, saying, saying, “Xiamen Tungsten is not only to the two geological team in the technical work and drilling work out a good price also made specific prospecting incentives.

Jiangxi Bureau of Geology and Mineral Resources have confirmed that they quickly proved that the large the Hutang tungsten ore reserves it has benefited from Xiamen Tungsten, Xiamen Rainbow human, financial and other support.

The news of the

above the Ministry of Land and Resources website also mentioned that early in 2010, Xiamen Tungsten Chairman Liu, high portability, high-level staff has visited a number of geological team within the Jiangxi Province, and invited Ye Tianzhu, Bao-Liang Wang The review of exploration results and other domestic excellent geologist. In determining the investment outlook, Xiamen Hong side found side input “, the cumulative investment capital of over $ 200 million exploration.

out of the news of the birth of the world’s largest tungsten mine, Xiamen Tungsten rapidly in the evening of June 6, to clarify the notice, denied any involvement in the exploration of the world’s largest tungsten mine “said the of Jiangxi giant through investors as its Brothers Xiamen Rainbow.

One analyst pointed out: If it is not “admitting their guilt,” Xiamen Tungsten there management encroaching on shareholders’ assets, transfer benefits to related parties of two hundred million yuan of suspect.

In addition there is an unavoidable “hidden” as Xiamen rainbow involvement deepened, coupled with the discovery of the world’s largest tungsten mine, Xiamen Tungsten and Xiamen rainbow there are intra-industry competition, the future will be more obvious, which is contrary to the separation of the Agreement “signed between the two discrete”.

At that time, the two sides committed themselves to, not in China and abroad to engage in any form to compete with each other’s main business or main product, or business activities that constitute a competitive threat, including inside and outside China investments, acquisitions, mergers, and the other main doing business or main products are the same, or similar companies, enterprises or other economic organizations.

the

latest, Xiamen Rainbow is mainly engaged in the exploration of tungsten resources development, which currently holds the 100% stake Heron the Xiang Mining Co., Ltd. for Rwanda, Jiangxi giant through a 30% stake in Jiangxi Chang Jinding Tungsten & Molybdenum Mining Co., Ltd. 60% stake. Xiamen Tungsten and Xiamen Rainbow in tungsten mining competition within the industry suspects.

the future, if not integration, Xiamen Tungsten will have to face the risk of “default”.