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China Northern Rare Earth Group High-Tech will establish joint ventures with Ningbo Funeng Rare Earth New Material and Ningbo Shuoteng New Material to build rare earth alloy and magnet production facilities in Baotou, Inner Mongolia. The first plant, costing CNY290 million (USD42 million), will produce 10,000 tons of high-purity light rare earth alloys annually and is expected to generate average annual revenue of CNY1.3 billion (USD189 million).

The second plant, with an investment of CNY595 million, will focus on cerium-neodymium-iron-boron permanent magnets, also with a capacity of 10,000 tons. Both initiatives will enhance Northern Rare Earth's product range and strengthen Baotou’s position in the rare earth supply chain.