Xiamen Tungsten (600549.SH)'s work of forming a large rare earth group has passed review by the authorities of Fujian Province.
In June 2014, the Fujian provincial government approved the company's scheme of building a rare earth group.
Later in July, the Ministry of Industry and Information Technology (MIIT) worked with other ministries to put the scheme on records.
Supported by relevant authorities, the company integrated all rare earth mines in Fujian Province (expect for those under the control of China Minmetals Group), eliminated and shut down two outdated rare earth smelting and separation enterprises involving an annual capacity of 1,100 metric tons (tonnes), and helped local governments crack down on illegal rare earth mining and production.
According to the local authorities, the company has basically completed the tasks set in the scheme and met the requirements for ratification.
Xiamen Tungsten said that it will continuously strengthen protection and rational utilization of rare earth resources, accelerate technical innovation, focus on the development of rare earth high-end materials and application industries, enhance its overall competitiveness and make the group bigger and stronger.
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