Jiaxin International Resources Investment (HKG:3858) entered into a non-binding memorandum of cooperation with Pangaea Mining Limited Partnership Fund regarding a potential acquisition, according to a Monday Hong Kong bourse filing.

Under the memorandum, the tungsten-mining firm holds a right of first refusal to acquire a special purpose company to be established by Pangaea Mining.

Through the cooperation, the parties aim to explore mineral resource development opportunities, mainly in the Republic of Kazakhstan.

The focus of the exploration will be on medium- to large-sized porphyry copper-gold deposits; copper, zinc, lead, gold, and silver polymetallic deposits; and tungsten-molybdenum deposits.

The scope of the cooperation may be extended to other Central Asian countries and beyond in the future.