China Rare Earth Group Co., Ltd, a state-owned enterprise, was established Thursday in east China's Jiangxi Province.

The group was jointly founded by three companies -- Aluminum Corporation of China, China Minmetals Corporation, Ganzhou Rare Earth Group Co., Ltd -- and two research firms -- China Iron & Steel Research Institute Group and Grinm Group Corporation Ltd.  

The newly-launched company will operate under the direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council.