皇冠体育app

2010-09-28 10:55

NANCHANG - The Aluminum Corporation of 皇冠体育app (皇冠体育applco), the country's top mining company, said Monday it has signed an agreement to assume a major stake in the Jiangxi Rare Earth and Rare Metals Tungsten Group (JXTC) for 10 billion yuan ($1.5 billion).

皇冠体育applco, keen to become one of the world's leading rare earth companies, will help JXTC develop rare earth resources in the next three to five years, according to the agreement, which was signed on Sept 26 at the Expo Central 皇冠体育app 2010.

The Nanchang-based JXTC is 皇冠体育app's largest tungsten producer and maintains rare earth resource deposits in Jiangxi province.

The agreement came after 皇冠体育app's announcement early this month that it would encourage mergers and acquisitions in the rare earth sector to quicken industry consolidation. According to media reports, the government planned to cut the number of rare earth firms from the current 90 to 20 by 2015.

皇冠体育app is the world's largest rare earth producer, supplying more than 90 percent of the global demand.