Min­metals to set up rare earth con­glom­er­ate

China Daily (Canada) - - BUSINESS -

State-owned metal pro­ducer Chi­naMin­metals Corp has been al­lowed to form a rare earth con­glom­er­ate to fur­ther con­sol­i­date re­sources in the strate­gic in­dus­try. The company will lead the re­struc­tur­ing of rare earth in­dus­tries in south­ern prov­inces ofHu­nan, Yun­nan, Jiangxi, Fu­jian, Guang­dong and the Guangxi Zhuang au­ton­o­mous re­gion, news­pa­per re­ports said on Thurs­day. The ap­proval was part of Beijing’s plan to bet­ter de­velop and in­te­grate the coun­try’s rare earth in­dus­try through merg­ers and ac­qui­si­tions by en­cour­ag­ing six ma­jor re­source com­pa­nies to form con­glom­er­ates. China Min­metals Cor­po­ra­tion was the first company to con­duct rare earth business in China. TheM­i­nistry of In­dus­try and In­for­ma­tion Tech­nol­ogy ear­lier gave three other rare earth pro­duc­ers, namely In­ner Mon­go­lia Bao­tou Steel Rare-EarthHi-Tech Co, Xi­a­men Tung­sten Co Ltd, and Alu­minum Cor­po­ra­tion of China, the green light to form con­glom­er­ates.

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