SHANGHAI, Sep 2 (SMM) – China Northern Rare Earth (Group) High-Tech Co., Ltd. and Anhui Earth-Panda Advance Magnetic Material Co.,Ltd. will increase their capital investment in Northern Rare Earth Permanent Magnet Technology to build a high-performance NdFeB alloy flakes project with an annual output of 8,000 mt, according to a recent announcement of China Northern Rare Earth. 

After the capital increase, which totals 54.216 million yuan, the shareholding ratio of each shareholder in Northern Rare Earth Permanent Magnet Technology, will remain unchanged.

The construction period of the project is 12 months and total investment is 90.36 million yuan, which includes 73.22 million yuan of construction investment and 17.14 million yuan of initial working capital.

The project purchased and renovated two existing 600-kg smelting furnaces of Earth-Panda and four 800-kg type IV vacuum smelting furnaces.