China Rare Earth Group founded in Jiangxi

NANCHANG, Dec. 23 (Xinhua) -- China Rare Earth Group Co., Ltd, a state-owned enterprise, was established Thursday in east China's Jiangxi Province.

The group was jointly founded by three companies -- Aluminum Corporation of China, China Minmetals Corporation, Ganzhou Rare Earth Group Co., Ltd -- and two research firms -- China Iron & Steel Research Institute Group and Grinm Group Corporation Ltd.

The newly-launched company will operate under the direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council and have diverse equity holders.

The group will focus on research, exploration, smelting and deep processing of rare earth. Its business will also include downstream applications, equipment manufacturing, industrial incubation, technical consulting services and foreign trade.

The founding of the company is conducive to increasing investment in scientific research, integrating resources and improving applications of new technologies and materials, said an executive of the group.

It is expected to better link the upstream and downstream sectors of the rare earth industry chain, and help promote the upgrading of traditional industries and the development of strategic emerging industries, the executive added.