China Minmetals to Form Group of Rare Earths Producers

Further consolidation is on the horizon in China’s rare earth industry. According to Bloomberg, China Minmetals has received government approval to put together a group of provincial producers.

As quoted in the publication:

China Minmetals Rare Earth Co. (000831), its rare earth unit, rose 4.3 percent to close at 27.80 yuan in Shanghai after gaining as much as 8.2 percent. The benchmark Shanghai Composite Index closed up 4.3 percent.

China, supplier of more than 90 percent of the world’s rare earths, aims to create fewer and bigger industry groups to help technology upgrade and crack down on illegal production.

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