Jiaxin International Resources Investment Limited (HKEX: 3858), through its Kazakhstan subsidiary Zhetisu Volframy LLP, has awarded the expansion of Tailings Storage Facility No.1 at the Boguty tungsten mine to CCECC Kazakhstan Branch. A Hong Kong Stock Exchange announcement dated 24 August 2026 sets the initial contract price at RMB256,910,514.46 inclusive of tax, a hard cap of RMB306,138,300, a 575-calendar-day service period and a planned completion date of 22 April 2028.
How the contractor was chosen is spelled out in the filing. An open tender in the PRC opened on 12 June 2026; two independent contractors and CCECC submitted bids, and a five-expert panel ranked CCECC first. Pricing uses fixed unit rates. Construction design documents come from China ENFI, while actual quantities follow drawings from a Kazakhstan design institute. Accounts are kept in renminbi; payments are made in tenge. The contract becomes effective only after sealing by both parties, a performance guarantee from CCECC, and independent-shareholder approval at Jiaxin — CRCC-linked entities hold about 10.57% of Jiaxin, so the deal is a connected transaction.
This is not a new mine. The announcement says Boguty entered commercial production in April 2025 and is the group's only operating tungsten mine. As mining and processing continue, more capacity is needed at TSF No.1 for dam works, anti-seepage systems, tailings transport, water intake and monitoring. National Business Kazakhstan reported the same story on 15 October 2026: Jiaxin, through Zhetisu Volframy, is expanding the Boguty tailings facility and cites a contract sum of about RMB256.9 million.
Location has a logistics angle. The deposit sits in Yenbekshikazakh District of Almaty Oblast; the filing says it is reachable by national highway from Almaty and the Khorgos crossing, with the Khorgos–Almaty railway about 20 km north of the site. For Chinese suppliers and contractors that means proximity to the border corridor, though freight volumes and border regimes are outside the scope of this contract.
Rules related to this news
What we leave out. Figures for tailings-pond volume, annual tailings tonnage and concentrate output diverge across Kazakh trade reports and do not appear in the HKEX construction-contract announcement, so they are not used here. The start of works depends on the contract becoming effective and on the notice to commence; the exchange gave a planned completion date, not a groundbreaking date.
What follows is editorial judgment, not a company position. Tailings expansions usually pull earthworks, geomembranes, pipelines, monitoring instruments and local subcontract labour. The winning contractor is already inside the CCECC group and, per the filing, has previously worked at Boguty. Watch the independent-shareholder vote, whether the performance guarantee is posted, and how far quantities move after local drawings are locked. The practical checkpoints are the EGM outcome, the notice-to-commence date, and whether the final price approaches the cap.
The cover image is an AI-generated illustration and does not depict the events described.
Sources:
港交所披露易（佳鑫国际资源公告）, https://www.hkexnews.hk/listedco/listconews/sehk/2026/0824/2026082402017.pdf
National Business Kazakhstan, https://nationalbusiness.kz/news/kitaytsi-realizuyut-krupniy-proekt-na-krupneyshem-mestorozhdenii-volframa-v-kazahstane-e07849/
Key facts
- A Kazakhstan-based company indirectly controlled by JAKX International Resources has signed a contract for the expansion of the Bogut tailings storage facility.
- CNMC Kazakhstan Branch will undertake the expansion of Tailings Storage Facility No. 1 at the Bogut Tungsten Mine, with an initial contract value, including taxes, of approximately RMB 256.9 million.
- The expansion of Tailings Storage Facility No. 1 at the Bogut Tungsten Mine is scheduled for completion on April 22, 2028.
- The Bogut Project commenced commercial production in April 2025, and the expansion will meet the tailings storage needs of subsequent mining and processing operations.
- The tailings storage facility expansion contract is priced on a fixed unit-rate basis, and the final price may be adjusted based on quantities and design.
- For the contract to become effective, both parties must affix their seals, CNMC must provide a performance guarantee, and JAKX's independent shareholders must approve the related-party transaction.
FAQ
What is JAKX International Resources expanding this time?
A Kazakhstan-based company indirectly controlled by JAKX International Resources has signed a contract to expand Tailings Storage Facility No. 1 at the Bogut Tungsten Mine in Almaty Region, with CNMC Kazakhstan Branch undertaking the works.
What are the value and term of the expansion contract?
The initial contract value, including taxes, is approximately RMB 256.9 million. The contract term is 575 calendar days, and the scheduled completion date is April 22, 2028.
How may the contract value change?
The contract is priced on a fixed unit-rate basis. The final price may be adjusted based on quantities and design, but may not exceed the agreed cap.
What conditions must be met for the contract to become effective?
All three conditions must be met: both parties must affix their seals, CNMC must provide a performance guarantee, and JAKX's independent shareholders must approve the related-party transaction.
Why does the project need to expand the tailings storage facility?
The Bogut Project commenced commercial production in April 2025. As mining and processing operations continue, a larger Tailings Storage Facility No. 1 is needed to store processing tailings.