China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. to Set up Joint Venture

China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. announced that the Company and National Materials Reserve and Adjustment Center, Xiamen Tungsten Co., Ltd, a Sichuan-based rare earth company, Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co., Ltd., Gansu Rare Earth New Material Limited-Liability Company, Inner Mongolia Hi-tech Holding Co., Ltd., will respectively invest RMB 10 million to set up a joint venture, in which they will hold an equal 14.29% stake. The joint venture will be a Baotou-based rare earth exchange company with a registered capital of RMB 70 million.