Baotou rare earth reserve plan gets nod
Source: Xinhua |
February 11, 2010, Thursday
|
Print Edition
Print Edition
A subsidiary of China's Baotou Steel Rare-Earth Co will be responsible for implementing a strategic rare-earth reserve plan for Baotou City in the Inner Mongolia Autonomous Region, the company said yesterday.
In a statement to the Shanghai Stock Exchange, Baotou Steel Rare-Earth said the plan would be undertaken by its subsidiary, Baotou Steel Rare-Earth International Trading Corp.
The company did not reveal the cost of the plan, but said the regional government and the Baotou city government would subsidize 20 million yuan (US$2.93 million) for the payment of loan interests.
The company said the plan was approved by the regional government.
The rare earth reserves in Bayan Obo in Baotou account for 75 percent of China's total reserves.
Baotou Steel Rare-Earth's current market value is 19.3 billion yuan. It is one of two Shanghai-listed companies under Baotou Iron and Steel, one of China's largest steel makers. The other is Baotou Steel Union.
Local governments have been supporting a vision to build Baotou into a world-class rare earth industrial base, as well as the establishment of a rare earth reserve mechanism to stabilize prices.
China is now the world's largest producer, exporter and consumer of rare earth resources. China's reserves total 80 percent of the world's discovered rare earth resources, according to the Ministry of Industry and Information Technology.
Rare earth, which include minerals such as dysprosium, terbium and thulium, is widely used in electronics, aviation and atomic energy.
In a statement to the Shanghai Stock Exchange, Baotou Steel Rare-Earth said the plan would be undertaken by its subsidiary, Baotou Steel Rare-Earth International Trading Corp.
The company did not reveal the cost of the plan, but said the regional government and the Baotou city government would subsidize 20 million yuan (US$2.93 million) for the payment of loan interests.
The company said the plan was approved by the regional government.
The rare earth reserves in Bayan Obo in Baotou account for 75 percent of China's total reserves.
Baotou Steel Rare-Earth's current market value is 19.3 billion yuan. It is one of two Shanghai-listed companies under Baotou Iron and Steel, one of China's largest steel makers. The other is Baotou Steel Union.
Local governments have been supporting a vision to build Baotou into a world-class rare earth industrial base, as well as the establishment of a rare earth reserve mechanism to stabilize prices.
China is now the world's largest producer, exporter and consumer of rare earth resources. China's reserves total 80 percent of the world's discovered rare earth resources, according to the Ministry of Industry and Information Technology.
Rare earth, which include minerals such as dysprosium, terbium and thulium, is widely used in electronics, aviation and atomic energy.
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