China Tungsten and Hightech Materials to Expand Capacity of Micro-Tool Manufacturing Facility; Shares Slipped 3%

MT Newswires Live

08/24

China Tungsten and Hightech Materials (SHE:000657) subsidiary Shenzhen Jinzhou Precision Technology will invest 147 million yuan for phase 2 of a micro-tool manufacturing base project, according to a Monday filing with the Shenzhen bourse.

Jinzhou will invest 112 million yuan of its own funds for its expansion project and will supply the remaining 35 million yuan via bank loans.

The expansion will add new annual production capacity of 18 million units for its 131-series products, 28 million units of medium-sized drill bits, and 430 million units of pre-process semi-finished products.

Shares at the nonferrous metals company slipped 3% during morning trading on Monday.

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