New stock news | Jiain International once again submits documents to Hong Kong Stock Exchange. Its Bukuta tungsten mine project is expected to begin commercial production in Q2.

According to the disclosure on March 31st by the Hong Kong Stock Exchange, Jiaxin G-RESOURCES Investment Limited (hereinafter referred to as Jiaxin International) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. Previously, the company had submitted documents to the Hong Kong Stock Exchange on August 19, 2024. The prospectus indicates that Jiaxin International is a tungsten mining company rooted in Kazakhstan, focusing on the development of the Bakuta tungsten mine. According to data from Frost & Sullivan, as of December 31, 2024, Bakuta is the world's largest open-pit tungsten mine in terms of tungsten trioxide (WO3) reserves. As of the same date, Bakuta Tungsten Mine is also the world's fourth-largest WO3 reserve tungsten mine (including both open-pit and underground tungsten mines), with the largest designed tungsten ore processing capacity in the world within a single tungsten mine. During the reporting period, Jiaxin International primarily focused on preparing for the commercial production of the Bakuta tungsten mine project. The project commenced trial production in November 2024 to test and fine-tune the processing flow. Commercial production is expected to begin in the second quarter of 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore in 2025. The Bakuta tungsten mine is located in the Yenbekshikazakh district of Almaty region, Kazakhstan, and can be reached from Almaty and the Khorgos port linking Kazakhstan to China via the national highway. In addition, the railway connecting Khorgos to Almaty is located approximately 20 kilometers north of the Bakuta tungsten mine, and is expected to facilitate smooth transportation of products once the company begins commercial production. The Bakuta tungsten mine project also has readily available and affordable hydroelectric power supply. Financially, the Bakuta tungsten mine project was in the exploration and development stage throughout the reporting period, so the company did not report any revenue. In 2022, 2023, 2024, the company incurred losses of HK$94.45 million, HK$80.129 million, HK$64.969 million, and HK$177 million, respectively.