Chinalco acquires 45% stake in rare earth joint venture
Metal Recycling News | 2011-06-10 09:17:34
Aluminum Corporation of China (Chinalco) and Jiangsu based six firms jointly set up Chinalco Rare Earth (Jiangsu) Company on Tuesday. The company so formed will have 30,000 tonnes per year of smelting capacity in the eastern province.
By Paul Ploumis
HONG KONG (Scrap Monster): Aluminum Corporation of China (Chinalco) and Jiangsu based six firms jointly set up Chinalco Rare Earth (Jiangsu) Company on Tuesday. The company so formed will have 30,000 tonnes per year of smelting capacity in the eastern province.
Chinalco has taken a 45% majority stake in the rare earth joint venture in Jiangsu province. The move was a part of its strategic development plan to boost its rare earth assets.
Chinalco is China's top aluminium producer and the parent of Hong Kong- and Shanghai-listed Chalco. According to the company spokesman, Chinalco does not have any immediate plans of to combine its rare earth assets with its listed aluminium arm.
Being a part of Beijing’s policy to consolidate the rare earth industry, this venture will make Chinalco the largest single shareholder in the Jiangsu company.…read more on this
