China Minmetals Corporation yesterday signed a strategic agreement with the government of Heyuan City, Guangdong Province, for the city's metal assets, signaling the company's expansion into the rare earth sector after years of preparation, China Securities Journal reports.

The Heyuan government rejected an offer from Guangdong Rising Nonferrous Metals who had previously showed interest in the city's metal assets.

China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.