Rare earth group plans three new companies

Ganzhou Rare Earth Group plans to form three listed companies with annual revenue of more than 10 billion yuan ($1.6 billion) each, said Huang Guanghui, chairman of the group, on Monday.

He made the remarks during the China Rare Earth Summit in Ganzhou, Jiangxi province, last week.

The group, established on March 30, has attracted widespread publicity because it is located in Ganzhou, the site of the world's richest heavy rare earth deposits.

According to Shanghai Securities News, with a registered capital of 500 million yuan ($81 million) the group has net assets of 1.2 billion yuan, with six wholly owned subsidiaries and two holding companies.

Jiangxi province has 45 rare earth mining licenses and 44 of them belong to Ganzhou Rare Earth Group.