e current global annual production of more than 80% of tungsten from China

Tungsten wire  Industry: have benefited from resources, further deep processing sectors advance (tungsten industry profits accounted for 38% of profits) - Tungsten value chain links and resources are mainly distributed in the deep processing of a core technology sectors. Due to resource advantages, the company tungsten related products nearly 78% gross margin, tungsten as a non-renewable strategic metals, is widely used, the current global annual production of more than 80% of tungsten from China, China is gradually through export quotas, tungsten ore mining aggregates control measures have yielded tungsten ore pricing, the price of tungsten long-term bullish, the company is expected to continue to benefit. In addition, the company plans to invest nearly 33 billion yuan into the tungsten processing sectors, despite the lack of core technology, our company projected tungsten processing margin is not high, but the company has the resources, on the one hand can form synergies between businesses, on the other hand You can also improve the industrial chain, to avoid excessive dependence on downstream.Precious Metals Industry: Smelting poor profitability, Aspect Extensive expansion in resources - precious metals company's business mainly involves two aspects of mineral resources and smelting business, the current gold capacity of 10,000 tons / year, silver poor capacity of 150,000 tons / year. Smelting operations were mainly owned subsidiary Yongning Gold & Lead (75% interest) as the basis, mainly in gold and silver mineral resources mining subsidiary, Kun-yu (70% interest) as the basis. Kun-yu mining based on Luoning County, has proven reserves of about 47 tons of gold, the future will continue to intensive processing of precious metals as well as the development of extensive expansion of resources, which is the company precious metals industry chain mainly to watch.