Xiamen Tungsten (600549.SH) announced on late Wednesday that it signed an agreement with the Ganzhou Tengyuan Cobalt Industry Co., Ltd on December 10 to invest 118 million yuan in the latter.
Of the 118 million yuan, 11.4 million yuan will be counted in the Ganzhou Tengyuan's registered capital, accounting for 15 percent of the Ganzhou Tengyuan's registered capital after capital increase and the remaining will be counted in the capital reserve fund.
The investments aim to further guarantee needs of its battery materials for cobalt metals and enhance cobalt resource guarantee capability, said the Shanghai-listed company.
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