China Northern Rare Earth to Invest USD128 Million in JV Alloy and Magnet Plants in Inner Mongolia
China Northern Rare Earth Group High-Tech plans to invest CNY885 million (USD128 million) in joint ventures to build rare earth alloy factories. One factory, in collaboration with Ningbo Funeng Rare Earth, will produce 10,000 tons of rare earth alloys annually in Baotou, Inner Mongolia, while another with Ningbo Shuoteng will focus on permanent magnets. Both projects aim to enhance production capabilities and drive downstream operations.
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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.
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