en.Wedoany.com Reported - On August 7, Chifeng Gold announced that, in response to policy requirements related to rare earth resource development, the company's ninth meeting of the ninth board of directors reviewed and approved the "Proposal on Suspending Operations of the Mengkang Rare Earth Project by a Controlled Subsidiary," agreeing that the controlled subsidiary Xiamen Chijin Xiamen Tungsten Metal Resources Co., Ltd. (hereinafter referred to as "Chijin Xiamen Tungsten") would suspend operations at the Mengkang Rare Earth Mine project located in Mengkang County, Xiangkhouang Province, Lao People's Democratic Republic.

The retained resource volumes of the Mengkang Rare Earth Mine are as follows:

The Mengkang Rare Earth project is still in the trial mining stage. In 2025, Chijin Xiamen Tungsten produced 998.56 tons of rare earth products, with a net profit attributable to Chifeng Gold of -54.0637 million yuan, whose absolute value accounted for 1.75% of Chifeng Gold's consolidated net profit attributable to parent company shareholders in 2025. In the first quarter of 2026, Chijin Xiamen Tungsten produced 63.60 tons of rare earth products, with a net profit attributable to Chifeng Gold of 0.3728 million yuan, accounting for 0.04% of Chifeng Gold's consolidated net profit attributable to parent company shareholders in the first quarter of 2026. The suspension of operations is expected to have a relatively minor impact on the company's overall operating performance, with specific details subject to the company's audited financial reports. Currently, Chijin Xiamen Tungsten is uncertain when the project will resume operations, and the company will continue to monitor relevant policy changes and subsequent project developments.

The company's main businesses, including gold and electrolytic copper, are operating well, with sound and stable financial conditions and a debt-to-asset ratio at a relatively low level within the industry, providing a solid foundation to withstand various force majeure events. The company will actively respond and make every effort to mitigate the adverse effects of the rare earth development suspension; meanwhile, the company will continue to focus on its core business, increasing investment and accelerating progress in resource exploration, technological upgrades, and new expansion projects, laying a solid foundation for achieving its medium- and long-term strategic goals.