Minmetals Rare Earth's Profit Down 20.53% YoY in 2013 on Depressed Prices

SHANGHAI, Apr. 21 (SMM) - China Minmetals Rare Earth Co. reported a 20.53% year-on-year fall in 2013’s profit due to depressed prices of rare earth elements (REE) in the year.

The company made a net profit of 224.20 million yuan ($36 million) or 0.23 yuan a share last year, it told Shenzhen Stock Exchange today.

Being a major medium-to-heavy REE producer in south China, Minmetals Rare Earth produced a total of 3,569.83 tonnes of rare earth oxide in 2013, it said in its full-year financial report.

The company will be looking for merger and acquisition opportunities both home and abroad this year, adhering to Chinese government’s policy for industry consolidation, it said.

In 2012, China Minmetals Corp. injected Ganzhou Rare Earth Mineral Industry Co. and Baotou Research Institute of Rare Earths into loss-making aluminium maker Shanxi Guanlv and restructured it into Minmetals Rare Earth.