Jintian Copper Co., Ltd. plans to invest 600 million yuan in the construction of high-performance rare earth permanent magnet materials and devices.

On the evening of June 15, Jintian Copper issued an announcement that in order to meet the development needs of the rare earth permanent magnet material business of Ningbo Jintian Copper (Group) Co., Ltd., and to further expand the production capacity of rare earth permanent magnet materials, to meet the growing market demand for middle and high-end products downstream, and to enhance the company's core competitiveness, Ningbo Ketian Magnetic Co., Ltd., a wholly owned subsidiary of the company, and the Management Committee of Baotou rare Earth High-tech Industrial Development Zone signed the "Agreement on the Project of Ningbo Ketian Magnetic Co., Ltd. to produce high-end high-performance rare earth permanent magnetic materials and devices with an annual output of 8000 tons." Ketian Magnetic Industry plans to set up a new wholly-owned subsidiary. Through the newly established company in Baotou rare earth high-tech industrial development zone to invest in the construction of "annual output of 8000 tons of high-end manufacturing high-performance rare earth permanent magnet materials and devices" project, the total investment is expected to be 600 million yuan. The project will be implemented in two phases.

Among them, the first phase has a total investment of 370 million yuan to build a production line with an annual output of 4000 tons of high-end manufacturing high-performance rare earth permanent magnet materials and devices. and one time to meet the annual production capacity of 8000 tons of high-end manufacturing high-performance rare earth permanent magnet materials and devices production capacity of factories, office buildings and other infrastructure projects and public auxiliary facilities.

The second phase has a total investment of 230 million yuan, and the second phase will build an annual output of 4000 tons of high-end manufacturing high-performance rare earth permanent magnet materials and devices on the land of the project.