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China Minmetals acquires Fanya's antimony, rare earth stocks for 780.4M yuan

China Minmetals Corp. Ltd.'s rare earths arm bought three lots of antimony, terbium oxide, and dysprosium oxide from the recent auction held by the Kunming Intermediate People's Court to raise proceeds to pay the creditors of the defunct Fanya Metal Exchange, Reuters reported Sept. 1, citing information from Alibaba Group Holding Ltd.'s Taobao, the e-commerce site that hosted the auction.

China Minmetals Rare Earth Co. Ltd. was the sole bidder in the auction, and paid a total of 780.4 million Chinese yuan. The prices paid are below current market value.

The state-owned company purchased the exchange's entire stock of about 18,661 tonnes of antimony for 546.1 million yuan, 4.05 tonnes of terbium oxide for 12.8 million yuan, and 148.75 tonnes of dysprosium oxide for 221.5 million yuan.

As of Sept. 2, US$1 was equivalent to 7.17 Chinese yuan.