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

English.news.cn   2010-07-14 11:22:04 FeedbackPrintRSS

BEIJING, July 14 (Xinhua) -- 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.

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