The Xiamen Tungsten Industry announced that the company previously applied for arbitration with the Beijing Arbitration Commission over the matter of Luoyang Molybdenum's violation of the joint venture agreement and cessation of production due to the suspension of production of tailings to Luoyang Yulu. The amount involved is tentatively 116 million yuan. Recently, due to the Luoyang Molybdenum Industry's application to the Beijing Fourth Intermediate People's Court to confirm the validity of the arbitration agreement, arguing that the “Supply Contract” had no arbitration clause and that the Beijing Arbitration Commission had no jurisdiction over the dispute under the contract, the Beijing Arbitration Commission decided to suspend the arbitration proceedings in this case and determine follow-up procedures after the court made a ruling. The case has not yet been tried, and there is still uncertainty about the impact on the company's profits.

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