MP - China poised to create world's largest rare earths company - WSJ

China has approved the creation of a giant new state-owned company focused on rare earths, with the aim of maintaining its dominance in the global supply chain of the strategic metals, the Wall Street Journal reports. MP Materials (MP -2.6%), which owns and operates the Mountain Pass rare earths mine in California, is sharply lower on the news. The new firm, to be called China Rare Earth Group and based in resource-rich Jiangxi province in southern China, would be created by merging rare-earths assets from some state firms, including China Minmetals Corp., Aluminum Corp. of China (ACH +1.8%) and Ganzhou Rare Earth Group, according to the report. Some analysts say China mines more than 70% of the world's rare earths and is responsible for 90% of the process of turning them into magnets.

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China poised to create world's largest rare earths company - WSJ