Chinese newly-established rare-earth giant China Rare Earth Group Co Ltd recently announced that it has established an international trade company in an important move to accelerate the deep integration of trade assets within the group in a bid to promote industrial coordination and business efficiency.
The company will focus on boosting trade and operation integration within the group, strengthen deep cooperation in the rare-earth sector so as to develop into a world-class trade firm, according to a statement on the group’s WeChat account.
According to Chinese business information platform Tianyancha, the trade company was registered on June 28 in Ganzhou, East China’s Jiangxi Province, with registered capital at 1 billion yuan ($149 million). It is 100 percent controlled by China Rare Earth Group Co.
China Rare Earth Group Co was formally set up in December 2021 through the merger of several key producers of the important mineral resources, involving China Minmetals Corp, Aluminum Corp of China and Ganzhou Rare Earth Group Co.
When the industrial conglomerate was established, it announced its focus would center on technological research and development, exploration, downstream application and rare-earth trade.
Rare earths, dubbed “industrial gold,” are a group of 17 chemical elements used in a wide range of products from high-tech consumer electronics to military equipment.
China leads the world’s rare-earth sector in terms of production and refining technologies. According to the US Geological Survey, China’s rare-earth reserves led the world in 2020 at 44 million tons, accounting of around 37 percent of global reserves. The country accounted for around 60 percent of rare-earth production worldwide in 2020.
In April, the Ministry of Industry and Information Technology said that China will further promote the expansion of rare-earth permanent magnet material application, in a bid to enhance the development of rare-earth permanent magnet materials and the high-end application industry.
According to data from the General Administration of Customs, China exported 21,970 tons of the minerals in the first five months of 2022, up 10.9 percent on a yearly basis.
rare earth Photo:VCG
