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China Rare Earth: Subsidiary’s Illegal Mining Case Forwarded for Prosecution Evaluation
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Author：小编
On October 23, China Rare Earth (000831.SZ) disclosed that its majority-owned subsidiary, Hunan Rare Earth, had been issued a Notice of Case Transfer for Prosecution. The notice indicated that the case had been escalated to the procuratorate for prosecution evaluation, owing to the unauthorized extraction of 7.17 tons of rare earth ore, which exceeded the boundaries specified in its mining license. Prior to this, Hunan Rare Earth had already settled a fine amounting to 3.9616 million yuan and had implemented all necessary corrective actions. The company affirmed that this incident would not substantially hinder its production and operations, which are presently running smoothly.
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