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Posco Buys Stake in Chinese Rear-Earth Metal Producer
06/21/2010 - Posco-China and Korean Resources Corp. have acquired a 60% stake in Yongxin Rare Earth Metal Co. The two companies plan to renovate production facilities at the Chinese company by November to produce 1000 tonnes of neodymium and as much NdFeB each year.
Posco-China and Korean Resources Corp. have acquired a 60% stake in Yongxin Rare Earth Metal Co., a Chinese producer of minor metals.
According to Posco, the Chinese unit of the steelmaker and the state-controlled exploration company jointly purchased the stake for 59.76 million yuan (11.05 billion won). Posco-China won approval from the Baotou City government on June 9 for the validity of the business deal.
According to Posco, the Chinese unit of the steelmaker and the state-controlled exploration company jointly purchased the stake for 59.76 million yuan (11.05 billion won). Posco-China won approval from the Baotou City government on June 9 for the validity of the business deal.
As a result, Posco-China now owns a 31% stake in the Chinese company, and Korea Resources 29%.
Located in the rare-earth mining district of Baotou, Yongxin Rare Earth Metal has produced neodymium, a rare-earth element used to make permanent magnets. Posco-China and Korean Resources plan to renovate production facilities at the Chinese company by November to produce 1000 tonnes of neodymium and as much NdFeB every year.
Posco notes that NdFeB is expected to become increasingly sought-after since it is used to make motors for electric vehicles and wind turbines.
Located in the rare-earth mining district of Baotou, Yongxin Rare Earth Metal has produced neodymium, a rare-earth element used to make permanent magnets. Posco-China and Korean Resources plan to renovate production facilities at the Chinese company by November to produce 1000 tonnes of neodymium and as much NdFeB every year.
Posco notes that NdFeB is expected to become increasingly sought-after since it is used to make motors for electric vehicles and wind turbines.
