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Ximei Resources forms fund management company with Ajlan & Bros Holding Group, CITIC Construction and BONAVISTA CAPITAL
2023-01-19  Source:Ximei Resources

Recently, Ximei Resources Holding Limited, Ajlan & Bros Holding Group, CITIC Construction and BONAVISTA CAPITAL officially signed a strategic cooperation agreement to establish a joint venture fund management company to raise and manage investment funds focusing on mining, new energy and other regional strategic industries, with the goal of reaching a management scale of US$10 billion by 2025.


Mr. Lijue Wu, CEO of Ximei Resources, signed the strategic cooperation agreement

Mr. Lijue Wu, CEO of Ximei Resources, said that the signing of the strategic cooperation agreement with Ajlan & Bros Holding Group, CITIC Construction and BONAVISTA CAPITAL is another exploration of Ximei Resources in the fields of mining and new energy, and a major step to realize the strategic development policy of specialization, integration, scale, high-end, internationalization and capitalization. Ximei Resources focuses on the R&D and production of tantalum and niobium products, and has layout in the fields of resources, smelting and high-end manufacturing, and has rich experience in project excavation and development. We hope that this cooperation can provide more support for industrial development and contribute to the rapid implementation of strategic cooperation between China and Saudi Arabia.

Mohammed Bin Abdulaziz Alajlan, Vice Chairman of Ajlan & Bros Holding Group, said that this cooperation marks the Group's collaboration with leading Chinese companies to explore opportunities in related industries and provide comprehensive financial support to projects and enterprises with potential and technology to help them achieve success in the Middle East and North Africa markets, which is also conducive to further promoting the docking of Saudi Vision 2030 with China's Belt and Road Initiative and accelerating the diversification of the Saudi economy.


CITIC Construction delegation met with management of Ajlan & Bros Holding Group during President Xi's visit to Saudi Arabia


BONAVISTA CAPITAL representative Mr. Jie Yang met with CEO of Ajlan & Bros Holding Group

Mining and new energy are key industries in Saudi Vision 2030 and offer a wealth of business opportunities. The mining sector is key to Saudi Arabia's economic diversification. As part of Saudi Vision 2030, Saudi Arabia is working to enhance the development of the mining sector as a boost to the economy, and the new Saudi Mining Law, which will take effect in January 2021, aims to develop the mining sector as the third pillar in addition to the oil and gas and petrochemical sectors. In the energy sector, Saudi Arabia has been taking the energy transition as an important national strategy, introducing a series of initiatives such as "Green Saudi Arabia" and "Green Middle East", and actively promoting the transition to renewable energy sources such as photovoltaic, wind energy and hydrogen energy.

Saudi Arabia is China's largest trading and energy partner in the Middle East,and China is Saudi Arabia's top trading partner. President Xi Jinping's recent visit to Saudi Arabia, as well as the China-Arab International Summit and the China-Gulf Arab States Cooperation Council Summit, marked a new leap in China's relations with the Arab world and the GCC member states. The signing of this strategic cooperation agreement marks the practical implementation of the outcomes of the recent meeting between the leaders of China and Saudi Arabia.

Ximei Resources Holding Limited is a world-renowned manufacturer and operator of tantalum and niobium series products, listed on the Main Board of Hong Kong Stock Exchange(9936.HK) in March 2020, focusing on the R&D and production of potassium fluorotantalate, niobium oxide, tantalum oxide, tantalum and niobium metals and products, which are widely used in high-end electronics, aerospace, defense and military industries, optics, medical and other fields. In recent years, the domestic market share of the company's hydrometallurgical products is about 40%, and the production capacity of tantalum-niobium metal and products can be among the top three in the world when all production capacity is reached. Through this cooperation, Ximei Resources Holding Limited will inject new impetus to the in-depth development of bilateral economic and trade relations between China and Saudi Arabia and the efficient operation of outstanding projects.