HK Stock Market Move | JIAXIN INTL RES(03858) rose more than 9% as the price of tungsten continues to rise. The company's Bakuuta tungsten mine has abundant resources.

JIAXIN INTL RES (03858) rose more than 9%, as of the time of writing, it rose by 9.26%, closing at 32.8 Hong Kong dollars, with a turnover of 33.5721 million Hong Kong dollars. On the news front, according to Chinatungsten Online, the price of tungsten has been steadily climbing, with prices of major tungsten products almost doubling compared to the average price in 2024. Data shows that on September 3, the price of 65% black tungsten concentrate was 278,000 yuan per metric ton, an increase of 94.4% compared to the beginning of the year. It is reported that the company is rooted in Kazakhstan, focusing on tungsten mine development. As of the first half of this year, the Bakuta tungsten mine has reserves of 107.5 million tons of tungsten ore, with a grade of 0.211%, containing 227,000 tons of WO, and reserves of 68.4 million tons of tungsten ore, with a grade of 0.206%, containing 140,800 tons of WO. CMSC pointed out that the company's core asset is the Bakuta tungsten mine, which is currently in production, with expectations of further production increases in the future, benefiting from the rise in tungsten prices, and the company's profits are expected to grow rapidly.