Xinjiang Xinxin Mining proposes significant hike in annual transaction caps

Xinjiang Xinxin Mining Industry Co., Ltd. announced proposed revisions to its annual caps for continuing connected transactions under the 2024 Mutual Supply Agreement. These cover construction services, supporting and ancillary services, and the company's products for the three years ending December 31, 2027.

The "revised annual caps" are subject to independent shareholders' approval, as the highest applicable percentage ratio exceeds 5%. An extraordinary general meeting (EGM) circular detailing these revisions and recommendations will be dispatched to shareholders on or before December 4, 2025.

For 2025, the revised annual caps for construction services are RMB307,519,000, up from RMB143,400,000. Supporting and ancillary services are revised to RMB211,888,000 from RMB167,262,000, and the company's products to RMB812,628,000 from RMB757,481,000. Similar increases are proposed for 2026 and 2027. The increase for construction services is mainly due to new projects at Huaou Mining, a non-wholly owned subsidiary since June 2025.

The revisions also account for increased raw material purchases for supporting and ancillary services, notably for Fukang Refinery's crude nickel sulfate extraction pilot line. For the company's products, the revision reflects an upward trend in copper product prices, with estimated cathode copper unit prices of RMB71,681 per tonne for 2025, RMB78,319 per tonne for 2026, and RMB84,071 per tonne for 2027.