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Baogang denies plan to set up JV with CIC

Sep. 28, 2009 (China Knowledge) - Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co<600111>, the Shanghai-listed unit of Baotou Iron & Steel Group Co Ltd, which is known as Baogang Group, on Friday denied a report that said China Investment Corp, the country's US$200-billion sovereign wealth fund, and the Baogang Group are planning to set up a joint venture focused on rare earth mining and stockpiling.

The Economic Information Daily reported earlier that CIC and Baogang Group would incorporate a company with a registered capital of up to RMB 1 billion and that CIC might own more than 80% of the company.

Baogang said that the company and CIC did hold talks in mid-September on the rare earth industry and a possible cooperation, but that no agreement was reached.

The Inner Mongolia government issued a circular on Thursday ordering Baogang to restrict its rare earth production to 46,000 tons for this year, sources reported.

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