Nigeria to Build Africa's Largest Rare Earth Mine and Beneficiation Plant

The launch event for the "Three Firsts" project of Bao Gang rare earth automotive steel was held at the Bao Gang Science and Technology Business Exchange Center. This is an important achievement of the deepened industry chain collaboration between Bao Gang United Steel and China FAW, marking a new stage of integrated "production, sales, R&D, and application" cooperation between the two sides. The event systematically introduced the R&D system, performance advantages, and "Three Firsts" technical highlights of Bao Gang United Steel's rare earth automotive steel, and the attending guests jointly unveiled the project.

Jintian Co., Ltd. released its 2026 H1 report. In H1, it achieved operating revenue of 79.3 billion yuan, up 33.74% YoY; net profit attributable to shareholders of the publicly listed firm was 442 million yuan, up 18.44% YoY. Among this, the rare earth magnetic materials segment saw improved profitability: during the reporting period, the segment’s main business revenue was 1.1 billion yuan, up 49.93% YoY. In H1, production of rare earth magnetic materials reached 3,925 mt, up 12% YoY, and the capacity utilization rate remained at a relatively high level. Meanwhile, product prices on the sales side steadily increased. During the reporting period, the gross margin of rare earth magnetic materials was 14.80%, up 1.80 percentage points YoY.

Xiamen Tungsten released its 2026 semi-annual report, reporting H1 revenue of 35.014 billion yuan, up 81.70% YoY; net profit attributable to shareholders of the listed company was 2.201 billion yuan, up 127.04% YoY; basic earnings per share was 1.3862 yuan. In terms of rare earth resources, after the integration of domestic resources, the company holds a stake in Zhongxi Xiamen Tungsten to jointly develop rare earth resources in Fujian, and also cooperates with Chifeng Gold to jointly develop rare earth resources outside China (due to the impact of relevant policy requirements on rare earth resource development, the Laos Mengkang rare earth project has been suspended). In terms of rare earth smelting and separation, the company cooperates with China Rare Earth Group and China Northern Rare Earth to build and operate rare earth smelting and separation facilities, promoting high-quality utilization of rare earth resources and providing raw material guarantee for the company's rare earth industry.