According to a report by China Central Television (CCTV), China has officially set up China’s Rare Earth Group.

China’s State Assets Supervisory Commission (SASAC) will take over a 31.21% stake in the new company, while China Minmetals, Aluminum Corporation of China (CHALCO) and Ganzhou Rare Earth Group will each hold a 20.33% stake in the new entity.

China controls 85% of the world’s rare metals, indispensable for military electronics and equipment comes via ChinaTechNews.com.