On January 12, 2018, CNNC and CNEC signed a cooperation agreement in Beijing to jointly set up CNNC Huachuang Rare Materials Co., Ltd. This new company will mainly focus on the utilization of associated radioactive mineral resources.
The newly established CNNC Huachuang was jointly funded and set up by three units, including China Uranium Co., Ltd., China Nuclear Energy Industry Co., Ltd. and CNNC New Energy Investment Co., Ltd. under CNNC. It was strongly sponsored by the State Administration of Science, Technology and Industry for National Defense, the Ministry of Environmental Protection, Hunan provincial party committee and other state ministries and local governments.
After the establishment, the new company will capitalize on its capital assets, franchises as a link, with the help of China’s exclusive rights of China Uranium Co., Ltd. to uranium mining, the qualification of import and export of nuclear radioactive metals of CNEIC, to grow into a leading enterprise for utilization of radioactive mineral resources in China.
In addition, the company’s first project – Hunan monazite comprehensive utilization project, will start the construction in 2018 and scheduled to be completed and put into operation in 2019. Based on this, new company will move to the rare earth industry chain upstream and downstream and is expected to develop into 10 billion level business by 2030.
