Major Rare Earth Production Corporation formed in China

NANCHANG, CHINA: A major rare earth production corporation has been formed in east China’s Jiangxi Province as part of efforts to boost the industry’s sustainable development. The state-owned Ganzhou Rare Earth Group Co Ltd, based in the city of Ganzhou, was founded through the merging of its key subsidiary Ganzhou Rare Earth Mineral Industry Co Ltd and some local rare earth companies, including Longnan Wanbao Rare Earth Co. 36 per cent of China’s middle and heavy rare earth reserves are in Ganzhou, which has experienced overexploitation since the end of the 1970s.

As the only prospector in Ganzhou, the group will be involved in rare earth mining, smelting, processing and trade. As the world’s largest rare earth supplier, China serves more than 90 per cent of global demand for rare earth metals, a group of 17 elements that are necessary to manufacture high-tech products ranging from flatscreen TVs to lasers and hybrid cars.

© Xinhua News