Chinalco will cooperate with Guangxi Nonferrous Metals to develop rare earth
2011-01-20 10:44:53 【Print】
Aluminum Corp of China (Chinalco), China's largest aluminum producer, is looking to become one of the world's top five mining operations in the next 10 years, by diversifying its core business sectors, a company spokesman said.
"Apart from our main business sectors, including aluminum and copper, Chinalco also aims to top the domestic rare earths sector in three or five of the elements," said the spokesman Yuan Li.
Rare earth is the collective name given to 17 elements which are used in many industrial products such as hybrid cars, missile-guidance systems and mobile phones.
Yuan said Chinalco signed a memorandum of understanding with Guangxi Nonferrous Metals Group in late December to develop rare earths in the Guangxi Zhuang autonomous region to bolster reserves.
The central government has indicated that it wants large companies to lead the consolidation of the country's rare earths sector.
Earlier, the media reported that China Nonferrous Metal Mining Group was also planning to explore rare earths mines in partnership with local operators in the Guangxi Zhuang autonomous region.
Yuan said Chinalco is also talking with local miners in Guangdong province about potential cooperation.
