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Aluminum Corp of China or Chinalco,China Minmetals Corp, and the local government of Ganzhou in East China's Jiangxi province have transferred some of their rare earth assets to create a new company called "China Rare Earth Group Co Ltd".
Directly under the State-owned Assets Supervision and Administration Commission, China's State asset regulator, the new company also received assets from Grinm Group Co Ltd and China Iron & Steel Research Institute Group, both of which are leading rare earth-related technology research and development forces in the country.
According to a statement on Wednesday by China Minmetals Rare Earth Co Ltd, a subsidiary of China Minmetals Corp, shares owned by China Minmetals Corp in China Minmetals Rare Earth and its controlling share-holder China Minmetals Rare Earth Corp, will be transferred into the new enterprise.
Shares of Chinalco Rare Earth & Metals Co Ltd owed by Chinalco, and core rare earth assets of Ganzhou Rare Earth Group Co Ltd, which is headquartered in Ganzhou and directly owned by the city government, will also be transferred into the new enterprise.
Source | CHINA DAILY
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