----Interview with Chunhui Rao
General Manager
Union-Win Technology Co., Ltd.
Union-Win Technology Co., Ltd. is a wholly-owned project company established in Cambodia by Hubei Global Union Technology Co., Ltd. It is primarily used to invest in and develop the Cambodia International Tantalum-Niobium Alloy Comprehensive Recycling and Processing Center and Rock Wool Production Base project. This project is the only high-tech enterprise in Southeast Asia specializing in the comprehensive recovery and separation processing of rare and precious metals and polymetallic materials.
Asian Metal: Hi Mr. Rao, welcome to the Asian Metal interview. Please briefly introduce your company's tantalum-niobium project.
Mr. Rao: Our tantalum-niobium project is located in Sihanoukville Province, Cambodia, and has a total planned investment of USD300 million (approximately RMB 2.2 billion). The project is planned to be constructed in two phases. The first phase involves an investment of approximately USD150 million, with a total land area of 180,000 sqm (270 mu). It will mainly be used to build pyrometallurgical and hydrometallurgical production lines, including processes for tantalum-niobium ore smelting, purification, and alloy melting, as well as a rock wool production line. The annual designed production capacity would reach around 350,000t. The second phase plans to invest in building a large-scale self-owned power and oxygen plant, with available reserve land area of 500,000 sqm. The total construction area for Phase I is 100,000 sqm. The project will have a total staff of around 1,000, including plans to hire 50 to 60 foreign technical and professional management talents, recruit over 800 local employees, with the remainder being Chinese management and sales personnel. After the project is fully completed and put into operation, the annual turnover is expected to reach approximately RMB 19.6 billion in the third year, with annual tax contributions (including profit tax and other taxes) of about RMB 1 billion, demonstrating considerable economic benefits.
Asian Metal: What are the company's main raw materials, and where do they come from? What are the advantages of your company in producing tantalum-niobium ore?
Mr. Rao: We currently purchase low-grade ores and smelting slag containing tantalum and niobium elements globally. To enhance the company's economic efficiency and comprehensive competitiveness, effectively save operational costs, fully utilize Cambodia's low-cost labor resources and port advantages (approximately 22 km from the nearest OMP wharf, about 35 km from Kasen wharf, and around 60 km from Sihanoukville port), as well as the tax advantages of a 6-year profit tax exemption followed by a 9-year reduction, and permanent exemption from import/export tariffs and value-added tax, and to better leverage Hubei Lianqiu Technology's patent advantages in tantalum-niobium alloy, ferrotungsten alloy, ferromolybdenum alloy, ferroniobium alloy, multifunctional refining furnaces, and multifunctional refining systems, Lianqiu Technology intends to further utilize technological innovation resources and expand production capacity by establishing this International Tantalum-Niobium Alloy Comprehensive Recycling and Processing Center and Rock Wool Production Base project. Our yield will reach approximately 90%, compared to the industry average of 80–85%. Taking the production cost of 1 ton of tantalum ore with a minimum grade of 20% as an example, if we procure tin slag from Southeast Asia with a grade of around 1% as raw material, the production cost will be about USD500/t.
Asian Metal: What is your target market, and how about the current demand and future trend in that market?
Mr. Rao: Our target market is China. Currently, the demand for tantalum-niobium oxide in China reaches 8,000 tons, and global demand reaches 11,000 tons. With the development of the electronics industry and high-temperature alloy industry, the demand for tantalum-niobium will continue to grow in the future. We anticipate an annual growth rate of around 5%.
Asian Metal: Tantalum-niobium ore market prices rebounded in Q4 2025. What do you think are the main reasons?
Mr. Rao: Since mid-September, downstream consumers, concerned about future supply, have entered the market to purchase. Tantalum ore prices rose from the previous USD85/lb Ta2O5 CIF China to USD92/lb Ta2O5 CIF China. After a stalemate of nearly a month, due to the rainy season and political instability in African countries, local tantalum ore supply continued to decline, leading to a new round of price increases by year-end. Actual transaction prices exceeded USD100/lb Ta2O5 CIF China.
Asian Metal: The market prices of tantalum ore continued to surge in the first quarter of 2026. What do you think are the main reasons?
Mr. Rao: I believe there are three main reasons. First, there are fewer suppliers among African mining sources, leading to tight spot supply and miners holding back on sales. Second, market bullish sentiment has intensified, with some traders driving up prices. The current price has already exceeded USD230/lb Ta2O5 CIF China. Third, the changing global landscape, with the United States frequently stirring up trouble, has led to sustained international tensions, disrupted international transportation, and unstable upstream supply, which will further exacerbate the tight supply of tantalum-niobium ore.
Asian Metal: How do you predict tantalum-niobium ore market prices will perform in Q2 2026?
Mr. Rao: Due to persistently tight supply of upstream tantalum-niobium ore and rebounding downstream demand, we believe tantalum-niobium ore market prices will continue to rise in the first half of 2026, potentially reaching new highs. The real market turning point may occur after the end of the second quarter.
Asian Metal: What are the company's future plans?
Mr. Rao: Our company's future plans and visions mainly include the following aspects: technology upgrading, where we plan to introduce new technologies in smelting and purification processes or digital production management (such as automation and AI monitoring) to improve efficiency or product purity; industry chain extension, as we plan to extend downstream into high value-added products, such as tantalum metal, niobium metal, tantalum oxide, niobium oxide, niobium alloys, and tantalum capacitors; market expansion, as market demand is currently shifting from traditional sectors to new energy (such as niobium for lithium batteries) and semiconductors, so we will gradually adjust our customer structure and explore new markets; and international cooperation, including pursuing overseas resource investments (such as mines in Africa and Central Asia) and engaging in technological collaboration.
