Jiaxin International Resources (03858) signed a procurement agreement with CCECC Kazakhstan Branch through public tender for such mining services

According to Zhitong Finance App, Jiaxin International Resources (03858) announced that on January 6, 2026, the subsidiary ZV (an indirect non-wholly-owned subsidiary of the Company) signed a procurement agreement for such mining services with CCECC Kazakhstan Branch through a public tender. The subsidiary company ZV will purchase mining and mining work in open pit mining from CCECC Kazakhstan Branch during the production phase of the Bakuta tungsten project. The total contract price is 14.9 billion tenge (tax included) (equivalent to about HK$227 million).

In the production phase of the Bakuta tungsten ore project, the Group outsourced part of the mining services and selected suppliers through public tenders according to the evaluation and selection process carried out by four experts selected by a third party and a committee composed of the company's representatives, and took into account many factors, including their business requirements, contract prices charged, service quality, the supplier's license and qualifications, track record and industry experience. The Company has issued an announcement regarding the selection of suppliers. Outsourced mining services are not uncommon and are in line with industry practice. The subsidiary company ZV has mining management and technical personnel, and is responsible for managing and supervising mining operations in accordance with applicable regulations, preparing mining and mining work plans, appointing mining and mining tasks, evaluating and managing the amount of extraction, and evaluating mining and mining work. CCECC Kazakhstan branch is responsible for completing mining and divesting tasks as planned under the supervision of subsidiary ZV. The Company entered into such arrangements with CCECC Kazakhstan Branch because the latter has expertise in industrial mining activities and the quality of the services it provides.

Furthermore, the Group has a long-term and stable business relationship with CCECC and its subsidiaries. Therefore, CCECC and its subsidiaries are familiar with the mining process and needs, quality standards and requirements during the production phase of the Bakuta tungsten ore project, and can continue to provide mining services. The directors believe that maintaining a stable and high-quality business relationship with CCECC and its subsidiaries will help the production phase of the Bakuta tungsten project.