China sets up mineral resource group with $3b capital in Xiongan New Area

China has established a mineral resource group with a registered capital of 20 billion yuan ($2.97 billion) in Xiongan New Area, North China's Hebei province, according to information provided by Tianyancha, a Chinese corporate information provider.

The group's business scope covers such activities as mining, iron ore processing, import and export of commodities, the sales of metal ores, warehouse and supply management services. Coal mining is not included in its business lines, said Tianyancha information.

Yao Lin, former chairman of Aluminum Corporation of China, a Beijing-based centrally administered State-owned enterprise, has become the legal representative of the new company, according to Tianyancha.

Other members of the new group's senior management team are from China Baowu Steel Group Corp Ltd, Ansteel Group Corp Ltd and China Minmetals Corp, as well as the National Development and Reform Commission.

Prior to this move, three central SOEs, namely China Satellite Network Group Co Ltd, China Huaneng Group Co Ltd and Sinochem Holdings Corp Ltd, announced that they will move their headquarters in Xiongan New Area. Their construction process has been undertaken in an orderly manner in chosen locations.