On the evening of October 11, Northern rare Earth announced that China Northern rare Earth (Group) High-tech Co., Ltd. (hereinafter referred to as the company) intends to establish a new rare earth permanent magnet business joint venture company (hereinafter referred to as the new company) with Antai Technology Co., Ltd. (hereinafter referred to as Antai Technology) and Inner Mongolia Baotou Steel rare Earth Magnetic Materials Co., Ltd. (hereinafter referred to as Baogang Magnetic material). With the new company as the main body, the existing land, factories and facilities of Baotou Steel are used to build an annual production capacity of 5000 tons of rare earth permanent magnet industrialization project. Among them, the company contributed 166 million yuan with its own funds, with a shareholding ratio of 41.50%; Baotou Steel Magnetic Materials contributed 30 million yuan, with a shareholding ratio of 7.50%, based on the magnet-related net assets after audit and evaluation; and Antai Technology contributed 204 million yuan with its own funds, with a shareholding ratio of 51%.
Northern rare earths said that this investment is to further expand the production capacity of rare earth permanent magnets in the company's rare earth magnetic materials industry, seize development opportunities in new energy vehicles, wind power generation, consumer electronics and other industries, enrich the product structure of rare earth permanent magnets, enhance the market share and profitability of high-end magnets, and improve the development quality of the company's rare earth magnetic materials industry and the added value of its products. In line with the principles of complementary advantages, coordinated development, mutual benefit and win-win cooperation, the company plans to set up a new rare earth permanent magnet business joint venture with Antai Technology and Baogang Magnetic Materials, a holding subsidiary of the company. take the new company as the main body to make use of the existing land, plant and facilities of Baotou Iron and Steel Co., Ltd. to build an annual production capacity of 5000 tons of rare earth permanent magnet industrialization project. After the project reaches production capacity, it can have a production capacity of 5000 tons / year of rare earth permanent magnets, with high-performance products accounting for 85%.
