China has approved a plan to create one of the world’s largest rare earths companies as it bids to solidify its dominance of the global supply chain of the strategic metals as tensions deepen with the US, according to the Wall Street Journal.
The new firm will be called China Rare Earth Group and would be created by merging rare earths assets from some state firms, including China Minmetals Corp, the Aluminum Corp of China Ltd and Ganzhou Rare Earth Group Co. Some estimates claim China mines 70% of the world’s rare earths and is responsible for 90% of their processing before use in numerous batteries, magnets and tech products. Full story: The Wall Street Journal
- By Sean O’Meara