With this news, then the cash for the development of ENK's nickel deposits is guaranteed.
Chinalco Regroups China's Biggest Tungsten Firm
Posted 08:14 AM ET
Featured Stocks ACH Aluminum Cp Of China Adr * Top-Rated Company BEIJING, Apr 27, 2010 (SinoCast Daily Business Beat via COMTEX) -- Aluminum Corporation of China (Chinalco) yesterday raised the curtain on reorganization of China's biggest tungsten producer, Jiangxi Rare Earth & Rare Metals Tungsten Group Holding Co., Ltd., when both sides' joint venture was registered in the industrial and commercial bureau.
Citing a strategic cooperation agreement Chinalco inked with the government of Jiangxi Province, south China, on March 31, the Beijing-located aluminum titan will get a majority stake in Jiangxi Rare Earth & Rare Metals Tungsten Group Holding through capital increment, acquisition, and project investment.
Chinalco and Jiangxi Rare Earth & Rare Metals Tungsten Group Holding decide to establish a 51-49 joint venture with a total registered capital of CNY 300 million first of all, and then invest about CNY 1.8 billion in a 40,000-ton metal tungsten-cobalt new materials project.
According to the long-term development strategy, the project is designed to yield 100,000 tons of tungsten-cobalt concrete per year ultimately, being an important platform for Jiangxi Rare Earth & Rare Metals Tungsten Group Holding's future tungsten-cobalt industry development.
