On October 21, 2021, Wang Xinting, deputy general manager of Baowu Resource Development Center, led Zhu Jinyong, investment director of Baowu Resource Development Center, Bai Guangxing, Pan Yong, senior managers of Resource Development Center, and Bai Peng, general manager of WisCO China-Africa Company, to Chongqing Jingqing Heavy Machinery Co., Ltd. to conduct dry grinding test and production base inspection, and carried out technical and business exchanges. Mr. Zhang Ke, general manager of Jingqing Company, and his senior executives, Mr. Qin Qingguo, deputy general manager of Qilu Finance, Mr. Wu Wenjian, chairman of Huanmo Technology, and senior expert team had an in-depth exchange with Baowu Resources on dry grinding process technology and project business cooperation. At the meeting, General manager Zhang Ke introduced the dry grinding process technology and preliminary cooperation plan of Bangmine in Liberia, and the leaders and experts from both sides conducted extensive and in-depth communication and discussion, reaching a lot of consensus: joint technical research, joint promotion of technology application, signing a confidentiality agreement, and unified business philosophy.

Baowu Resources, Huanmo Technology and Jingqing Heavy Machinery jointly confirm the cooperation model and investment main body, using the brand of Baowu resources and the iron ore resources and the affiliated infrastructure and land relations, using the capital of Huanmo technology, Jingqing Heavy machinery iron ore dry grinding technology and equipment and the joint operation and management of the three parties, to carry out in-depth cooperation to achieve win-win situation.