Baogang Group to build rare-earth reserve projects

10:15, March 01, 2010      

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Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co., Ltd announced recently that one of its subsidiaries was approved to carry out a rare-earth strategic reserve program.

The company will build 10 rare-earth oxide reserve projects with over 200,000 tons of total capacity.

Since the beginning of 2008, global financial crisis led to a sharp decline in rare-earth prices. And Japan's massive rare-earth reserves guaranteed the country's pricing rights in the world rare earth market.

Xu Guangxian, a 90-year-old chemist with Peking University, known as China's "father of rare-earth", suggested that China should "establish a national reverse system for rare-earth." China's Ministry of Industry and Information Technology (MIIT) has disclosed its specific plan for the development of China's rare-earth industry from 2009 to 2015.

Baotou Steel Rare-earth Group will manage the fund rising for the reserve system, while Inner Mongolia autonomous regional government, Baotou municipal government and Baogang Group will provide interest subsidies.

By People's Daily Online
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