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Home / Metal News / Inner Mongolia Baotou Allocates $47 Million for Rare Earth Industry Transformation

Inner Mongolia Baotou Allocates $47 Million for Rare Earth Industry Transformation

iconDec 9, 2015 10:27
Source:SMM
Baotou City of Inner Mongolia, China’s major rare earth producing region, has allocated 300 million yuan ($47 million) fund received from the central government to relevant companies.

SHANGHAI, Dec. 9 (SMM) – Baotou City of Inner Mongolia, China’s major rare earth producing region, has allocated 300 million yuan ($47 million) fund received from the central government to relevant companies for transformation and upgrade of local rare earth industry, cre.net reported, citing local media. 

The fund will cover 36 rare earth industry transformation and upgrade projects, including Tianhe Magnets Co.’ permanent magnet material project used for new energy vehicles, Baotou Jinshan Magnet Materials Co.‘s 5,000 tonne high-performance, corrosion-resistant NdFeB project for use in motors.     

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