HONG KONG -- China's major state-owned rare-earth companies are bleeding red ink due to declining prices, as the government tightens its grip on the resources and supply chain as a strategic industry.
Rising Nonferrous Metals, a rare-earth miner listed in Shanghai disclosed that it has slipped into the red for the first six months of the year, expecting a net loss between 271 million yuan and 311 million yuan ($37.33 million to $42.84 million). This marks a serious step backward from a net profit of 102.09 million yuan a year ago.
