Zhitong Finance App News, Longbai Group (002601.SZ) issued an announcement. On September 22, 2026, the company and participating company Image Resources signed an “Intent Agreement” in Jiaozuo. According to the agreement, the company or a subsidiary designated by the company intends to invest through cash contributions and asset price contributions such as machinery and equipment to obtain approximately 80% of the rights in the Durack and Yandanooka ore projects held by Titon Resources Pty Ltd (the “project company” for short), a wholly-owned subsidiary of Image Resources. Durack and Yandanooka ores contain titanium, zirconium and other elements. After mining and mineral processing, titanium concentrate and zircon sand can be further produced.
In this transaction, the total cash and asset investment of the company was about 160 million Australian dollars (about 766 million yuan), of which the cash investment was about 20 million Australian dollars, and assets such as machinery and equipment were negotiated at a price of about 140 million Australian dollars. Specific forms of investment in the transaction include the acquisition of part of the project company's shares or the establishment of an unincorporated joint venture (UJV) for the target project. This transaction is an important step for the company to actively implement the overseas resource allocation strategy. It helps the company obtain high-quality overseas ore resources, guarantee the long-term stable supply of titanium dioxide and raw materials upstream of the zirconium industry chain, and enhance the company's resource guarantee capabilities and core competitiveness.