China Minmetals mulls listing rare earths unit
China Minmetals Corp, the Chinese mining giant, is considering listing its rare earth unit, China Minmetals Rare Earth Co Ltd, or CMRE, said an insider of China Minmetals.
CMRE principally produces the more expensive rare earth elements in Ganzhou, Jiangxi Province in Central China, while the less expensive rare earth materials are mainly located in North China and explored by its rival Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd<600111>.
The company declined to disclose its last year profit, but said that its revenue totaled RMB 1.98 billion in 2009.
In 2003, China Minmetals began accelerating expansion in the rare earth market and launched Jiangxi Tungsten Industry Group Co Ltd, which cost RMB 470 million and integrates resources of rare earth and tungsten.
According to China Minmetals' website, the group is the parent company of Minmetals Development Co Ltd<600058>, Minmetals Resources Ltd<1208> and Minmetals Land Ltd<0230>.
Market reports said that China accounts for more than 90% of the world's total production of rare earth, mining around 120,000 metric tons in 2008.
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