June 8 -- Baotou Steel Union (600010) and Pangang Group Steel Vanadium and Titanium (000629) signed agreements to jointly form a rare earth industrial park in Sichuan for 2.8 billion yuan, reports cnstock.com, citing a company filing.

According to a rumor, China has detected only 160,000 tons of light rare earth reserves. Rumors are circulating that Pangang Group will develop the world’s third-largest rare earth mine in Panxi development zone with reserves exceeding 400,000 tons.

Shares of Panzhihua-based Pangang Group Steel Vanadium and Titanium (000629) wrapped up the trading day at 11.65 yuan today.