Rare earth resources Photo: VCG

　　State-owned rare-earth mining giant China Rare Earth Group Co has set up a joint stock company with two mining companies in South China"s Guangxi Zhuang Autonomous Region with registered capital of 800 million yuan ($118.05 million), domestic news portal National Business Daily reported on Monday, citing information from Chinese business information platform Tianyancha.

　　The new company, formed by China Rare Earth Group Co and Shandong-based Ji"nan Yuxiao Group Co and Hainan-based Shenghe Resources (Hainan) Co, will focus on businesses including smelting of rare and rare-earth metals, sales of rare-earth functional materials, and manufacturing of non-ferrous metal alloys, among others, according to the report.

　　China Rare Earth Group Co was established in December 2021 in East China"s Jiangxi Province, jointly founded by three companies - Aluminum Corp of China, China Minmetals Corp, Ganzhou Rare Earth Group Co and two research firms - China Iron & Steel Research Institute Group and Grinm Group Corp, according to the Xinhua News Agency.

　　The group focuses on research, exploration, smelting and deep processing of rare earths. Its business also includes downstream applications, equipment manufacturing, industrial incubation, technical consulting services and foreign trade.

　　Ji"nan Yuxiao Group Co was established in 1995, with registered capital of 200 million yuan and a headquarters in Ji"nan, East China"s Shandong Province. The company said that it is a world-leading global enterprise integrating the mining and utilization of various mineral resources such as zirconium-titanium, rare earths, and graphite, with business ranging from shipping and mineral deep processing to mineral exploration.