May 14, 2015 / 12:37 PM / in 5 years

REFILE-China approves rare earth industry consolidation

(Adds dropped word in paragraph 2)

BEIJING, May 14 (Reuters) - China’s natural resource ministry said on Thursday that plans consolidating the rare industry into six firms have been approved, according to state media.

The plans involve miners and processors in the industry consolidating under six firms — China Aluminum Corporation , Xiamen Tungsten Co Ltd, Inner Mongolia BaoTou Steel Union Co Ltd, China Minmetals Corporation, Ganzhou Rare Earth Group Co Ltd and Guangdong Rare Earth Industrial Group Co Ltd, Xinhua news agency reported.

China had previously urged the industry to consolidate under the six firms by year’s end to help it regulate the sector and serve its campaign to eliminate illegal production and smuggling. (Reporting by Jake Spring, editing by David Evans)

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