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China forms rare earths giant to protect its dominance in global output as market share falls
- The China Rare Earth Group may help tighten China’s control over the internationally strategic minerals, analysts said
- It was formed via the merger of units under Aluminium Corporation of China (Chinalco), China Minmetals Corporation and Ganzhou Rare Earth Group
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Beijing has set up an industry-leading rare earth giant in a bid to bolster China’s dominance of global production as it comes under threat from rising output elsewhere.
The move will enhance the sector’s long-term sustainability and competitiveness, and tighten China’s grip over the pricing and production of the internationally strategic minerals, analysts said.
The newly formed China Rare Earth Group will control more than a third of mainland China’s rare earths mining industry.
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Its formation via the merger of units under state-owned Aluminium Corporation of China (Chinalco), China Minmetals Corporation and Ganzhou Rare Earth Group has been approved by the State Council, the State-owned Assets Supervision and Administration Commission said in a statement on Wednesday.
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Amid US-China trade war, China aims to elevate its domestic rare earth industry
Amid US-China trade war, China aims to elevate its domestic rare earth industry
“After this restructuring, our controlling shareholder will be changed from China Minmetals Corporation to the newly formed group,” China Minmetals Rare Earth said in a filing to Shenzhen’s stock exchange on Thursday.
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