Related News
Chinalco buyout to tap rare earth stock
By Richard Fu |
September 29, 2010, Wednesday
|
Print Edition
Print Edition
Aluminum Corp of China, or Chinalco, has agreed to buy a local partner in Jiangxi Province and plans to invest at least 10 billion yuan (US$1.5 billion) in rare earths.
The plan, a major step forward by Chinalco to diversify into other metals, boosted the share price of its listed unit, Chalco, by 10 percent yesterday in Shanghai trading.
Chinalco agreed to take control of Jiangxi Rare Earth and Rare Metals Tungsten Group, it said in a statement late Monday. Chinalco will use not less than 10 billion yuan in the next three to five years to help the Jiangxi company develop rare earth resources as it seeks to lift revenue in this sector. Chinalco aims to boost the Jiangxi company's revenue to 50 billion yuan from 8.94 billion yuan last year.
Rare earths are a group of 17 metals used in a wide range of green energy technologies and military applications.
Chinalco, which recently set up a rare earth subsidiary, aims to become a strongly competitive company in this sector, it said.
The company is also investing in copper and iron ore to cut its reliance on aluminum smelting, a sector filled with overcapacity and rising costs of power.
The plan, a major step forward by Chinalco to diversify into other metals, boosted the share price of its listed unit, Chalco, by 10 percent yesterday in Shanghai trading.
Chinalco agreed to take control of Jiangxi Rare Earth and Rare Metals Tungsten Group, it said in a statement late Monday. Chinalco will use not less than 10 billion yuan in the next three to five years to help the Jiangxi company develop rare earth resources as it seeks to lift revenue in this sector. Chinalco aims to boost the Jiangxi company's revenue to 50 billion yuan from 8.94 billion yuan last year.
Rare earths are a group of 17 metals used in a wide range of green energy technologies and military applications.
Chinalco, which recently set up a rare earth subsidiary, aims to become a strongly competitive company in this sector, it said.
The company is also investing in copper and iron ore to cut its reliance on aluminum smelting, a sector filled with overcapacity and rising costs of power.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
