Baotou Steel Rare Earth: Capacities Targeted for Elimination Already Retired

SHANGHAI, Aug.21 (SMM) – Inner Mongolia Baotou Steel Rare Earth (Group) Hi-Tech Co. clarified that its capacities listed for elimination this year have already been retired, so its operation will be little affected, according the statement it filed to Shanghai Stock Exchange today.

A total of 103,710 tonnes of rare earth (oxide) capacities are targeted for elimination this year, a list released by China’s Ministry of Industry and Information Technology (MIIT) indicates. A total of 10,200 tonnes of capacity at three subsidiaries of Baotou Steel Rare Earth – 5,200 tonnes at one of its smelter, 3,600 tonnes at Baotou Huamei Rare Earth High-Tech Co., and 1,400 tonnes at Baotou Steel Hefa Rare Earth – is included in the list.

Nonetheless, the biggest producer of rare earths in China said these capacities listed for removal have already been replaced by more efficient and environmentally-friendly facilities. Thus, the elimination plan will have little impact on the company’s performance this year.