On the morning of August 28, 2025, Jiaxin International Resources Investment Co., Ltd. (Jiaxin International), with Jiangxi Copper Group as the main shareholder, officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX) and the "Belt and Road" Board of the Astana International Exchange (AIX) simultaneously. This marks the world's first project to list on both exchanges at the same time, the first HKEX-listed company primarily engaged in tungsten mining, and the first stock denominated in RMB in Central Asia.
Jiaxin International's core asset is the Bakuta Tungsten Mine in the Republic of Kazakhstan, one of the 45 key capacity cooperation projects under the joint construction of the "Belt and Road" between China and Kazakhstan. It is the world's largest open-pit tungsten mine in terms of tungsten trioxide reserves and has the largest designed capacity for a single tungsten mine globally. The Bakuta Tungsten Mine successfully commenced production in November 2024, with plans to mine and process 3.3 million tons of tungsten ore in 2025, and capacity expected to increase to 4.95 million tons by 2027.
According to Securities Times, as of December 31, 2024, the estimated mineral resources are approximately 109.5 million tons, with an average WO? grade of 0.211%, equivalent to 231,500 tons of WO?. This includes measured resources of 97.6 million tons (WO? grade 0.210%) and inferred resources of 11.9 million tons (WO? grade 0.228%). Proven ore reserves are 70.3 million tons, with an average WO? grade of 0.206%, equivalent to 144,500 tons of WO?. The mine is located in the Yenbekshikazakh district of Almaty Province, close to the Khorgos port connecting Kazakhstan and China, with convenient transportation and efficient rail links. It has adequate and reasonably priced water and electricity supplies.
Jiaxin International holds the exclusive mining rights (including exploration and mining rights) for the Bakuta Tungsten Mine, valid until June 2, 2040, for a period of 25 years. The mining area covers 1.16 square kilometers, with permitted mining depth up to 300 meters below the surface.
Plans include integrating ore sorting systems into the existing mining process by 2027, elevating the annual mining and mineral processing capacity to 4.95 million tons. Construction of a deep-processing plant is planned to produce high-quality ammonium paratungstate (APT) and tungsten carbide (WC). The company intends to explore further opportunities in non-ferrous metal investments in Central Asia and has signed a memorandum of understanding with relevant Kazakh authorities to discuss future cooperation. The Bakuta Tungsten Mine was first discovered in 1941, with mining rights initially obtained by the state-owned Kazakh company SPC under a subsoil use contract signed on June 2, 2015. In November 2015, the company acquired indirect control over its subsidiary ZV through the acquisition of Aral-Kegen LLP, and SPC's mining rights and obligations were subsequently transferred to ZV.
