China’s Rare Earth Manufacturer Rising Nonferrous Receives 28 Mln Yuan of Government Subsidies

SHANGHAI, Jul. 4 (SMM) – Five subsidiaries of Rising Nonferrous Metals Group Co. received 28.40 million yuan ($4.60 million) of government subsidies recently, the company told Shanghai Stock Exchange today.

The government-backed funds were offered to five holding subsidiaries of the large rare earth and tungsten producer – Guangdong Fuyuan Rare Earth New Materials Co., Pingyuan Huaqi Rare Earth Industrial Co., Rising Zhiwei Rare Earth New Material Co., Jiangxi Rising Rare Earth Co., and Dapu Xinchengji Industrial Co.

20.22 million yuan of these funds will be counted as the company’s non-operating revenue for the 2014 fiscal year, and 8.18 million yuan will be included in deferred income.