State-owned Xinjiang Non-ferrous Metal Industry (Group), the parent company of Hong Kong-listed Xinjiang Xinxin Mining Industry, was in talks to bring in other state-owned companies as strategic investors to help fund expansion of its rare metals unit, said chairman Yuan Ze.
Aluminum Corp of China (Chinalco) is one of these potential strategic investors. Other potential investors could include the mainland's biggest base metals trader, China Minmetals Corp, as well as China's largest oil and food importer and exporter, China National Cereals, Oils & Foodstuffs Import & Export Corp (Cofco), Mr Yuan said.
'We want to speed up the expansion of our rare metals business and extend to high value-added downstream processing business to capture booming demand,' he said.
'Strategic investors could help bring in capital, networks and technology.'
Rare metals are one of the Xinjiang-based metal producer's core businesses.
Its nickel and copper businesses are now operated under Xinjiang Xinxin Mining Industry, while gold production is under the group's umbrella and there are no plans to introduce strategic investors at present, according to Mr Yuan.