Chinalco to invest $1.5 bln in rare earth

Aluminum Corp of China (SHA:601600), the country’s top aluminium producer which is expanding to other metals, will take a majority stake in Jiangxi Rare Earth and Rare Metals Tungsten Group.

The press release is quoted as saying:

In March this year, Chinalco said it would support the development of Jiangxi Rare Earth, owned by the provincial government. [ID:nSGE62N08L] The Jiangxi firm is one of China’s major tungsten producers and holds rare earth resource in the southern province of Jiangxi. Chinalco recently set up a subsidiary China Rare Metals Rare Earth Company Ltd and aims to be a leader in that sector.

Click here to access the entire press release