Large rare earth groups in China are expected to complete restructuring before the end of June, 2016, said Xin Guobin, vice minister of Industry and Information Technology at a rare earth seminar on Friday.
At present, Chinalco, China North Rare Earth (Group) Hi-Tech Corp, and Xiamen Tungsten Co. Ltd. (600549.SH) have completed the restructuring, while the restructuring of China Minmetals, China South Rare Earth Group, Guangdong Rare Earth Corp are still under way.
Earlier, in January 2014, a scheme for forming large rare earth groups drafted by the Ministry of Industry and Information Technology (MIIT) was approved by the State Council, China's cabinet.
Six rare earth companies are encouraged to integrate regional resources to improve industrial concentration, including China North Rare Earth (Group) Hi-Tech Corp, China Minmetals, Chinalco, China South Rare Earth Group, Guangdong Rare Earth Corp and Xiamen Tungsten Co. Ltd.
Latest comments