Minmetals confirms China rare earths merger, creating new giant

:China Minmetals Rare Earth Co said on Wednesday it would merge with two of China’s other top rare earth producers into a new company under the state assets regulator, creating a global force in the strategic industry. China is the world’s dominant producer of rare earths, a group of 17 minerals used in consumer electronics and military equipment. Moves to consolidate China’s “Big Six” state-run rare earth companies have been seen as a way to boost influence over pricing. China’s control of 85-90per cent of the rare earths processing sector means an uneasy reliance on Chinese supply for the United…