China's biggest metals trader to invest 1 bln yuan in rare earth processing in Jiangxi

13:12, July 14, 2010      

Email | Print | Subscribe | Comments | Forum 

China Minmetals Corp, the nation's largest metals trader, is considering to invest 1 billion yuan (148 million U.S. dollars) for rare earth processing projects in Ganzhou City of Jiangxi province over the next two years.

The move, taken to gain mining rights for the valuable resources, is also in line with the local government's requirements for rare earth miners, Wednesday's China Daily reported.

However, Minmetals' proposal still needs to be cleared formally by the local government, said the newspaper.

"Minmetals does not own any rare earth mines, which has hampered it in its quest to boost resources in China's southern regions. Also, the company has ambitious plans to be present across the complete industry chain," Liu Minda, an analyst with Huatai Securities, was quoted as saying.

"Minmetals' quest to own sole mining rights in Ganzhou has not been accomplished yet," said the newspaper, quoting official sources.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
  • Photo taken on Sept. 29, 2011 shows strong wind blows trees in Sanya, south China's Hainan Province. Typhoon Nesat heads towards south China and is moving at an average wind speed of 20 km per hour toward the west coast of China's Guangdong Province. (Xinhua/Hou Jiansen)
  • A fallen tree is seen on a road in Qionghai, south China's Hainan Province, Sept. 29, 2011. Typhoon Nesat was predicted to land in Hainan later Thursday, bringing heavy rainfalls to the island. (Xinhua/Meng Zhongde)
  • Arash Kamalvand (L) of Iran spikes the ball during the semifinal against South Korea at the 16th Asian Men's Volleyball Championship in Tehran, Iran, Sept. 28, 2011. Iran won 3-1 to advance to the final. (Xinhua/Ahmad Halabisaz)
  • A man visits "Thy Word Is Truth, the Bible Ministry Exhibition of the Protestant Church in China", during its opening at Mount Vernon Place United Methodist Church in Washington DC, capital of the United States, Sept. 28, 2011. Through the Bible's various Chinese versions, ancient or modern, as well as pictures, paintings, calligraphy, art works and historical documents, the exhibition was expected to give an overall understanding of how Bible was brought into China, how it was translated, published, distributed and loved. (Xinhua/Zhang Jun)
Hot Forum Discussion