Strategic Restructuring of Rare Earth Assets by Chinalco, China Minmetals, Ganzhou Municipal Government Approved

SHANGHAI, Dec 23 (SMM) - Minmetals Rare Earths released an announcement stating that on 22 December 2021, Minmetals Rare Earths Company Limited was notified by China Minmetals Group Company Limited that, the State-owned Assets Supervision and Administration Commission of the State Council had approved the strategic restructuring of relevant rare earth assets among Aluminum Corporation of China Limited, China Minmetals, Ganzhou Municipal People's Government, and a new Company will be established and controlled by the State-owned Assets Supervision and Administration Commission of the State Council.

The equity interests in China Rare Earth Company Limited held by Chinalco Group, the equity interests in Minmetals Rare Earth Company Limited and Minmetals Rare Earth Group Limited held by enterprises belonging to China Minmetals, and the equity interests in China Southern Rare Earth Group Limited, Jiangxi Ganzhou Rare Metal Exchange Limited Liability Company and Ganzhou Zhonglan Rare Earth New Material Technology Company Limited held by Ganzhou Rare Earth Group Limited and its affiliated enterprises were all transferred to the new Company.

After this restructuring, the controlling shareholder will still be Minmetals Rare Earth Group Limited and the actual controller will be changed from China Minmetals to the new Company.