South Korean consortium bought nearly 60 million yuan in China Rare Earth Trading Company
Rare Earth in China is gradually tightened under the pressure of the export policy, foreign companies have to curve through other channels imported from China Rare Earth Resources. Korea Resources Corporation (Korea Resources Corp) said yesterday that the company and a consortium of POSCO has already acquired 59.76 million yuan to Jiangsu Province, Yixing Yongxin Rare Trading Limited ("Yongxin rare earth"), 60 total % of the shares. The company said in a bulletin, never believed the new company now owns Rare Posco Kores Yongxin Rare Earth Metal Co.'s 40% stake in POSCO 31% stake, Korea Resources Corporation holding 29%. In last night's acceptance of "First Financial Daily" interview, John believed responsible LI Xiao-ping RE unwilling to admit the two sides have signed a restructuring agreement, "(with Korea Resources Corporation) talked about, are not there yet." He said that the need Korea Resources Corporation announced that after discussing the matter. Public information, Yongxin RE was established in March 2003, based on sales of various rare earth products as the main business of the trading company. Rare Earth is known as "industrial MSG", widely used in special steel, wind power equipment, automotive exhaust gas purification equipment, precision instrument manufacturing, defense and other fields. China is the world's largest rare earth reserves, producer and exporter. Ministry of Industry and Information Technology statistics, 2008, China produced 125,000 tons of rare earth minerals, rare earth smelting separation of products produced 135,000 tons. And 2008, China rare earth consumption of only 7 million tons, while world consumption was 130,000 tons of rare earth. In order to protect domestic resources and the environment in recent years, especially since last year, took a significant tightening of domestic exports of rare earth. Rare Korean companies believe the purpose of permanent shares is through this company, from access to rare earth resources in China
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