Luoyang Molybdenum Industry issued a statement on “Xiamen Tungsten Industry's Arbitration Concerning Yulu Mining's Tungsten Production”, stating that in 2001, the company signed a joint venture contract with Xiamen Tungsten Industry relating to Yulu Mining, and there was no clear agreement on the total control index for tungsten mining quotas. The company has no obligation to include the total tungsten ore mining index required by Yulu Mining to produce and operate tungsten products within the scope of the company's management indicators. In recent years, relevant state departments have reaffirmed tungsten ore mining target quotas and carried out stricter compliance supervision. In actual implementation, Yulu Mining has long used the company's tungsten quota for production and sales activities without any basis. The company took the initiative to communicate with the Xiamen tungsten industry this year, pointing out that the relevant agreements relating to the supply of tailings and other related agreements can no longer be fulfilled. They hoped to negotiate and adjust the cooperation model, but the Xiamen tungsten industry always refused.

Luoyang Molybdenum Industry issued a statement on “Xiamen Tungsten Industry's Arbitration Concerning Yulu Mining's Tungsten Production”, stating that in 2001, the company signed a joint venture contract with Xiamen Tungsten Industry relating to Yulu Mining, and there was no clear agreement on the total control index for tungsten mining quotas. The company has no obligation to include the total tungsten ore mining index required by Yulu Mining to produce and operate tungsten products within the scope of the company's management indicators. In recent years, relevant state departments have reaffirmed tungsten ore mining target quotas and carried out stricter compliance supervision. In actual implementation, Yulu Mining has long used the company's tungsten quota for production and sales activities without any basis. The company took the initiative to communicate with the Xiamen tungsten industry this year, pointing out that the relevant agreements relating to the supply of tailings and other related agreements can no longer be fulfilled. They hoped to negotiate and adjust the cooperation model, but the Xiamen tungsten industry always refused.