On March 4, 2024, Xiamen Tungsten Co., Ltd. Shanghai Chijinxia Tungsten and its wholly-owned subsidiary CHIXIA Laos Holdings Limited (Chixia Laos Holdings Co., Ltd.) and China Investment (Real Estate) Co., Ltd. (CIC Real Estate) and its wholly-owned subsidiary China Investment Mining (Laos) Sole Co., Ltd, a wholly-owned subsidiary of the Company, signed the Equity Transfer Agreement. CHIXIA Laos plans to acquire 90% of the equity of the target company held by China Investment Real Estate, with a total transaction consideration of US$18.963 million, including US$6.2765 million in equity transfer payments and US$12.6865 million in repayment of related party loans of the target company.
Public data shows that China Investment Mining (Laos) Sole Co., Ltd was established on September 21, 2022, with a registered capital of 15 billion Lao kip (equivalent to approximately US$750,000). It is a wholly-owned company established by China Investment Real Estate in Laos. The target company holds China Investment Rare Earth Mining Co., Ltd (China Investment Rare Earth Mining Co., Ltd., hereinafter referred to as "REMC") and China Investment Rare Earth Mining Xiangkhuang Co., Ltd (China Investment Rare Earth Xiangkhuang Co., Ltd., hereinafter referred to as " REMX") each holds 86% of the shares, and the other 14% is held by DDC Mining Sole Co., Ltd.