Aluminum Corp. of China Invests $1.5 Billion In Rare Earth Minerals (ACH)

Sep 28, 2010 (SmarTrend News Watch via COMTEX) -- 9/27/2010-China metals company Aluminum Corp. of China (NYSE:ACH), otherwise known as Chinalco, is investing as much as $1.5 billion in rare earth minerals.

Chinalco will take a majority stake in Jiangxi Rare Earth and Rare Metals Tungsten Group and will help the Nanchang-based Jiangxi firm in its development of rare-earth resources in the next 3-5 years.

The decision comes in the wake of an announcement by China earlier in September that it will encourage M&A in the rare-earth sector.

In addition, last week the NYT reported that China stopped shipments of rare-earth minerals to Japan due to a disagreement over the detention of the captain of a Chinese fishing trawler.