Xiamen Tungsten to invest 4b yuan in processing plant

BEIJING - Xiamen Tungsten Co Ltd, China's largest tungsten processing company, announced on Wednesday that it has agreed to invest 4 billion yuan ($615.7 million) in processing and upstream resources sectors.

The investment is part of an agreement with two other companies, including a unit of China Minmetals Corp,

Xiamen Tungsten and China Minmetals Nonferrous Metals Co Ltd will set up a 2 billion yuan alloy processing plant in Jiujiang, Jiangxi province, of which Xiamen Tungsten will hold 70 percent. The plant will produce 6,000 tons of tungsten powder and 4,000 tons of cemented carbide annually.