In a company filing, Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co. (Baotou Steel) has denied rumors that it has formed a joint venture with Pangang Group Steel Vanadium and Titanium to develop the world's third largest rare earth mine in Sichuan Province.
The mine in question is reported to have over 400,000 metric tons of light rare earths. It was reported that Baotou Steel had signed a framework agreement and was to invest approximately RMB 2.8 billion in the joint venture in question.