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Reuters reported on Friday that Inner Mongolia Baotou Steel Rare Earth Group (SHA:600111) — China’s biggest producer of rare earths — has acquired nine regional mining companies as part of a government plan to consolidate the sector.
Reuters reported on Friday that Inner Mongolia Baotou Steel Rare Earth Group (SHA:600111) — China’s biggest producer of rare earths — has acquired nine regional mining companies as part of a government plan to consolidate the sector.
As quoted in the market news:
Baotou Rare Earth said in a statement issued to the Shanghai Stock Exchange on Friday that it had signed an agreement with the Inner Mongolian government to acquire the nine upstream firms.
According to the agreement, Baotou Rare Earth will receive 51 percent stakes in each of the companies at no cost.
Baotou Rare Earth will help the firms integrate into its management system and comply with tougher environmental and technological standards before the acquisitions are completed, and will also help them secure export and production quotas.