A joint venture between Chifeng Jilong Gold Mining and Xiamen Tungsten is set to acquire a controlling stake in China Investment Mining Laos Sole, which holds an 86% stake in a rare earth mining development project in Laos.
The joint venture, known as Chixia Laos Holding, will invest $19 million to purchase a 90% stake in China Investment Mining Laos Sole. The Mengkang project in Laos is currently undergoing infrastructure construction and is expected to begin production soon after the takeover. The project is designed to mine 3,675 tons of mixed rare earth oxides annually.
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