July 20 -- Aluminum Corporation of China (Chinalco), the parent of Aluminum Corporation of China (Chalco) (601600,2600.HK), jointly established a company, Chinalco Guangxi Rare Earth Development in Naning, Guangxi province, with Guangxi Non-ferrous Metals Group and Grirem Advanced Materials,  reports National Business Daily.

The joint venture, which has a registered capital of 500 million yuan, will invest in rare earth mining rights and in the processing, production and development of rare earth products.

Chinalco will be the controlling shareholder of the joint venture.

The partners expect to invest two billion yuan in the joint venture within three years.

It was reported that the joint venture has a revenue target of 3.5 billion yuan within three years. The partners expect to list the joint venture in about five years.