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Rare Earths in China

  1. 6,931 Posts.
    This story is not about LYC but about the consolidation of the rare earths companies in China. The story is from the South China Morning Post today.
    Whether ot not it will happen is another matter, given the way things are done in China.

    Wednesday, May 22, 2002

    RESTRUCTURING
    Rare-earth industry to consolidate


    CHI-CHU TSCHANG and WINSTON YAU

    Prev. Story | Next Story



    --------------------------------------------------------------------------------

    In principle, Beijing has approved plans to consolidate the rare earth industry along geographical lines.
    Rare earth refers to a group of metallic elements used in a number of high-technology products including liquid crystal display screens, energy efficient lighting, lasers and mobile-phone batteries.

    There are more than 100 rare earth companies, nearly half of which are in Jiangxi province, but only 10 are profitable.

    For months, the rare earth companies have been planning to merge into two groups, split on a north-south basis, to consolidate the industry.

    Yesterday, Jiangxi Province Governor Huang Zhiquan said the China Northern Rare Earth Group would focus on light rare earth.

    The China Southern Rare Earth Group, based in his province, would focus on heavy rare earth because 70 per cent of the nation's heavy rare earth was found in Jiangxi.

    "We have already submitted the proposal to the relevant central government departments and received their tentative approval to set up China Southern Rare Earth Group," Mr Huang said.

    China Southern Rare Earth Group will comprise 10 or so core member companies from Shanghai and the provinces of Jiangxi, Guangdong and Jiangsu.

    This week they will meet in Beijing to discuss the shareholding structure of the group, according to China Rare Earth financial controller Desmond Law Lap Tak.

    Beijing's approval will be dependent on the talks' outcome.


    Regards

    Desmond

    ps I do not hold LYC
 
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