In a statement published on September 25, Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Company, Limited (600111.SS) said that earlier in the month, representatives from China Investment Corporation (CIC) and subsidiary China Jianyin Investment Securities paid a visit to the company. The two parties elaborated on the vision of future cooperation and partnership but reached no agreement on the form of cooperation and did not sign any framework deal.
Previous media reports on September 24 claimed that as a result of the meeting, Baotou Iron & Steel Corporation agreed to launch a new, multi-billion yuan company, particularly to engage in the exploration and development of rare-earth resources, in which CIC would maintain a majority stake of more than 80 percent.
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(China.org.cn by Maverick Chen, September 25, 2009)