China Northern Rare Earth Plans to Purchase 320,000 mt of Rare Earth Concentrate from Baotou Steel in 2023

SHANGHAI, Mar 20 (SMM) - On the evening of March 14, China Northern Rare Earth announced that it plans to sign the 2023 Rare Earth Concentrate Supply Contract with its related party Baotou Steel Co., Ltd., and the transaction price of rare earth concentrate in the first quarter of 2023 will be 35,313 yuan/mt (excluding tax, dry basis, REO 50%), and for every 1% increase or decrease of REO, the tax-free prices will increase or decrease by 706.26 yuan/mt. In 2023, China Northern Rare Earth will purchase 320,000 mt (dry basis, REO 50%) of rare earth concentrate from Baotou Steel according to its production plan, the total transaction amount of rare earth concentrate will not exceed 15 billion yuan.

In 2022, China Northern Rare Earth purchased a total of 280,000 mt of rare earth concentrates, and the transaction amount was about 9.41 billion yuan. Hence, the company’s purchase volume of rare earth concentrates this year is 14% higher than last year.