China Cements Rare Earths Dominance With New Global Giant
- Merger creates new group likely to increase market control
- Country’s tight grip on rare earths increasing worry for West
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China formed a rare-earths giant by merging some key producers, creating a behemoth that will strengthen its control over the global industry it has dominated for decades.
The group is formed through merging rare-earth units of government-owned companies including China Minmetals Corp., Aluminum Corp. of China and Ganzhou Rare Earth Group Co., according to a stock exchange filing from China Minmetals Rare Earth Co. The new entity, China Rare-Earths Group, will speed the development of mines in the south, state broadcaster CCTV reported.