Jiaxin International Resources, which develops the Bogutty deposit in Almaty region, has reported record financial results for the first half of 2026. Revenue grew more than twentyfold, and net profit reached $202.4 million, compared to a loss a year earlier. Net profit margin exceeded 58%.
Six-month revenue came in at $345.5 million, up from $16.1 million a year earlier. Gross margin reached 73.1%. The sharp jump is explained by a low base effect: commercial production at Bogutty only began in April 2025, so the facility operated for just part of the prior-year period. Rising tungsten concentrate prices provided additional momentum.
Operational figures are also impressive. Over the half-year, the company extracted 1.96 million tonnes of ore and produced 4,137 tonnes of concentrate with a tungsten trioxide content of 65%. This represents about 80% of the total volume produced in all of 2025, when 5,008 tonnes were produced from April to December.
Operating cash flow reached $168.4 million. As of the end of June, cash and cash equivalents stood at $186.5 million, against loans of $130.8 million. Production costs included a mineral extraction tax of $40.6 million, while income tax expense added another $50.9 million.
In the first half of the year, Jiaxin drew down $128.7 million under a three-year, $174.8 million credit line and fully repaid its euro-denominated loan. All bank debt is now denominated in yuan at a floating rate — the annual LPR plus 0.6 percentage points. Total loan volume decreased by 19.2%.
Background
Bogutty is considered the world’s largest open-pit tungsten deposit by tungsten trioxide resources, according to Frost & Sullivan estimates. As of the end of 2024, it ranked fourth among all tungsten deposits worldwide by mineral resource volume and held the largest planned concentrate production capacity among individual mines.
The company has signed a memorandum with the Kazakh government and plans to increase mining and processing to 4.95 million tonnes of ore per year. Ore sorting is expected to be introduced in 2027. Production of ammonium paratungstate — a more deeply processed product — is also being explored. An interim dividend of $0.24 per share has been declared, payable on November 11, 2026.
Source: Finmentor
Image: Jiaxin International Resources
