Important progress has been made in rare earth industry in Fujian Province.

SMM News: the STS Program of the Chinese Academy of Sciences in Fujian Province has set up four industrialization projects, such as "Development and industrialization of rare Earth permanent Magnet Materials for Frequency conversion Air conditioners," focusing on the key areas of rare earth development, such as rare earth magnetic materials and efficient recovery of rare earths. Support Fujian rare earth leading enterprise Xiamen Tungsten Industry Co., Ltd. to jointly tackle key problems with the innovative resources of Ningbo Institute of material Technology and Engineering of the Chinese Academy of Sciences, Fujian Institute of material structure and other research institutes of the Chinese Academy of Sciences. The implementation of the project is progressing smoothly and has recently passed expert acceptance.

The project has developed a series of key technologies, such as ultra-low total rare earth NdFeB permanent magnet materials, high corrosion resistance surface protection of special magnetic steel for new energy vehicles, special shaped magnetic steel for servo motors and comprehensive recycling of high value rare earths, to produce six brands of rare earth magnetic materials products that meet the needs of the market, which are widely used in well-known manufacturers such as Midea Electrical Appliances, Ruizhi Precision, Jingjin Electric, and so on. In total, the four industrialization projects achieved a new sales income of 380 million yuan, a total profit of 29.36 million yuan and a tax revenue of 16.59 million yuan.