Hong Kong-based Chinese company Jiaxin International Resources reported a profit of $40 million, reversing a $22.5 million loss in 2024. The turnaround follows the launch of a tungsten ore processing plant at the Boguty deposit in southern Kazakhstan — the world’s fourth-largest tungsten reserve — according to Interfax, citing the company’s AIX filing.
Major tungsten facility opens in Almaty region
In November 2024, Kazakhstan’s first tungsten processing plant began operations at the Boguty deposit in the Almaty region. The project, valued at $300 million, is operated by Aral Kegen, a subsidiary of Jiaxin International Resources Investment.
Read also: Chinese tungsten firm pivots to Astana after losing mining prize.
The development marks a significant step in Kazakhstan’s efforts to expand its mineral processing capacity and reduce reliance on raw material exports.
International partners join the project
Several major companies joined the project, including Jiangxi Copper Corporation, China Railway Construction Company, China Civil Engineering Construction Company and Ever Trillion International Singapore PTE Ltd.
The operating company plans to process 3.3 million tons of ore annually, with expected output of about 10,000 tons of tungsten concentrate.
Dual listing boosts investor interest
In August 2025, Jiaxin completed a dual listing on the Hong Kong Stock Exchange and the Astana International Exchange (AIX). The company offered 1.3 million shares on the Kazakh exchange and 124 million shares in Hong Kong.
Since the listing, Jiaxin’s shares on AIX have surged, rising from 25.28 yuan to 97.87 yuan, nearly a fourfold increase.
