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CMOC and Xiamen Tungsten Joint Venture Halts Production, Highlighting Tungsten Resource 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 stopped supplying tailings. Luoyang Yulu, 60% owned by Xiamen Tungsten and 40% by CMOC, has been recovering scheelite from CMOC’s molybdenum tailings for over 20 years. In the first half of 2026, the venture’s net profit was approximately 336 million yuan, more than 2.7 times its full-year 2025 profit, before production was forced to a halt. CMOC stated the suspension is to comply with national tungsten mining regulations; Xiamen Tungsten said talks are ongoing. In 2025, Luoyang Yulu contributed 61.3684 million yuan to Xiamen Tungsten’s net profit, accounting for 2.66%. The incident exposes Xiamen Tungsten’s weak self-sufficiency in tungsten resources 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。