China’s State Council has agreed in principle to let Ganzhou city in Jiangxi province to set up the biggest rare earth group in southern China, to be led by Ganzhou Rare Earth Group Co. Ltd., the National Business Daily reported Thursday. In 2012, Ganzhou’s rare earth industry booked combined revenue of 34 billion yuan (US$5.62 billion), making up for one-third of the national total. The Jiangxi provincial government had earlier set a target for Ganzhou to achieve 100 billion yuan in annual rare earth sales by 2017. Ganzhou mayor Leng Xinsheng was quoted as saying that setting up a bigger rare earth group can help the city achieve the target two years ahead of schedule.
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