CHINA MINMETALS FOUNDS A NEW RARE EARTH COMPANY

China Minmetals Corporation has co-founded Minmetals Rare Earth Company Limited in Ganzhou of South China's Jiangxi province with another two domestic companies.

China Minmetals plans to invest two billion yuan (US$292.9 million) to bring in world-leading technologies and launch several key projects in the following five years, with the aim of building the new company into the world's largest rare earth company.

Minmetals Rare Earth Company Limited was set up with a registered capital of 837 million yuan (US$122.6 million). China Minmetals' subsidy

Non-ferrous Metals Co. Ltd. is the largest shareholder and holds 40 per cent of the new company's shares.

China Minmetals expects the new company to realize an annual sales value of 10 billion yuan (US$1.5 billion) when the projects are launched.

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