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CMOC Group and Xiamen Tungsten Joint Venture Halts Production, Highlighting Tungsten Resource Competition Risks
2026-07-04
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Impact score: 25
Xiamen Tungsten announced that its joint venture Luoyang Yulu has essentially ceased production after partner CMOC Group stopped supplying tailings. Luoyang Yulu, 60% owned by Xiamen Tungsten and 40% by CMOC, has been recovering scheelite from CMOC's molybdenum flotation tailings for over 20 years. In the first half of 2026, the venture posted a net profit of approximately 336 million yuan, more than 2.7 times its full-year 2025 profit, before production was forced to a halt. CMOC cited compliance with national tungsten mining regulations for the supply suspension; Xiamen Tungsten stated that "both parties are still in communication." In 2025, Luoyang Yulu contributed 61.3684 million yuan, or 2.66%, to Xiamen Tungsten's attributable net profit. This incident exposes Xiamen Tungsten's insufficient tungsten resource self-sufficiency and the long-standing resource competition challenges in China's rare metals supply chain.
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洛阳钼业与厦门钨业合资公司停产，钨资源博弈风险凸显
厦门钨业公告称因合作方洛阳钼业暂停提供尾矿，双方合资公司洛阳豫鹭已基本停产。洛阳豫鹭由厦门钨业持股60%、洛阳钼业持股40%，主营业务为回收洛阳钼业选钼尾矿中的白钨矿，双方合作已历时20余年。2026年上半年洛阳豫鹭净利润约3.36亿元，已是2025年全年的2.7倍有余，生产被迫按下“暂停键”。洛阳钼业方面表示暂停供应系配合国家对钨矿的合规管理要求；厦门钨业回应称“双方还在沟通”。洛阳豫鹭2025年为厦门钨业贡献归母净利润6136.84万元，占2.66%。此次事件暴露了厦门钨业钨资源自给率不足的短板，以及国内稀有金属产业链长期存在的资源博弈难题。