Dec. 8, 2009 (China Knowledge) - Jiangxi Copper Group, a major Chinese copper smelter, has signed an agreement with Sichuan Mining Investment Group to jointly explore the Maoniuping rare earth mine in Mianning County, Sichuan Province, sources reported.
Jiangxi Copper and Sichuan Mining Investment have agreed to raise the registered capital of their joint venture, Sichuan Jiangtong Rare Earth Co, to RMB 1 billion from the previous RMB 40 million.
Jiangxi Copper obtained the mining rights of the Maoniuping mine for RMB 430 million in June 2008.
China's largest integrated copper producer, Jiangxi Copper Co Ltd<600362><0358>, saw its net profit fall 46% year on year to RMB 560.94 million in the quarter ended Sep. 30. Its earnings per share were RMB 0.58 during the period, sources reported.