Jiaxin International Resources Investment
Tungsten mining and processing from Kazakhstani assets.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $76.4m | Late VC | |
| Total Funding | 000k | ||
Jiaxin International Resources Investment Limited is a tungsten mining company developing the Boguty tungsten mine in Kazakhstan. The company was established in 2014 by Liu Liqiang, who serves as the Chairman and has over three decades of experience in corporate management. The Boguty mine is recognized as the world's largest open-pit tungsten mine and the fourth largest overall in terms of tungsten trioxide (WO3) mineral resources as of 2024.
The company's primary business revolves around the exploration and extraction of tungsten ore, with exclusive mining rights for the Boguty mine until June 2040. Operations involve mining conducted by a local subsidiary, while Jiaxin International handles the processing and sales of tungsten concentrate. A key project involves a two-stage plan: first, processing tungsten ore into a 65% concentrate, and second, deep processing to produce ammonium paratungstate (APT) and tungsten carbide powder (WC). The company is considered pre-revenue, with commercial production anticipated to commence in the second quarter of 2025.
Jiaxin International operates as a public-private partnership, with significant backing from state-owned enterprises. Major shareholders include entities controlled by the founder Liu Liqiang's son, Liu Zijia, as well as state-controlled Jiangxi Copper HK, China Railway Construction Corporation International Investment Group, and China Civil Engineering Construction Corporation. This structure provides strategic advantages, including financial backing and operational expertise, with many senior executives, including CEO Wang Zhongwei, hailing from Jiangxi Copper. To fund its development and expansion, the company has pursued a dual listing on the Hong Kong and Kazakhstan stock exchanges, aiming to raise capital for the Boguty project's second phase and to increase production capacity.
Keywords: tungsten mining, Kazakhstan, open-pit mine, mineral resources, tungsten trioxide, scheelite concentrate, Boguty project, resource extraction, ammonium paratungstate, tungsten carbide, mining rights, pre-revenue, public-private partnership, Jiangxi Copper, China Railway Construction, Belt and Road Initiative, nonferrous metals, deep processing, Almaty region, IPO