China cements rare earths dominance with new global giant

China formed a rare-earths giant by merging some key producers, creating a behemoth that will strengthen its control over the global industry it has dominated for decades.

The group is formed through merging rare-earth units of government-owned companies including China Minmetals Corp., Aluminum Corp. of China and Ganzhou Rare Earth Group Co., according to a stock exchange filing from China Minmetals Rare Earth Co. The new entity, China Rare-Earths Group, will speed the development of mines in the south, state broadcaster CCTV reported.

Bloomberg News reported in September that China was planning to create two giants -- one in the country’s north