Northern rare Earth and Earth Bear Investment increase subsidiary to build an annual output of 8000 tons of high-performance NdFeB alloy sheet project

Published: Sep 2, 2021 08:48

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Recently, Northern rare Earth has announced that it intends to increase RMB 54.216 million in cash to the holding subsidiary of Northern rare Earth (Anhui) permanent Magnet Technology Co., Ltd. for the establishment of its Baotou branch to build the "annual output of 8000 tons of high-performance NdFeB alloy sheet project", the Northern rare Earth Co., Ltd. recently announced that it intends to increase its capital of 54.216 million yuan to the holding subsidiary Northern rare Earth (Anhui) permanent Magnet Technology Co., Ltd. Anhui permanent magnet shareholder Anhui Earth Bear New Materials Co., Ltd. will increase its capital in the same proportion in the form of cash. After the completion of the capital increase, the equity ratio of Anhui permanent magnet shareholders remains unchanged.

Recently, Northern rare Earth announced that it intends to increase its capital by 54.216 million yuan to the holding subsidiary Northern rare Earth (Anhui) permanent Magnet Technology Co., Ltd. (formerly Anhui Baogang rare Earth permanent Magnet Alloy Manufacturing Co., Ltd., hereinafter referred to as Anhui permanent Magnet). For the establishment of its Baotou branch to build a "high-performance NdFeB alloy sheet project with an annual output of 8000 tons"; Anhui permanent magnet shareholder Anhui Earth Bear New Materials Co., Ltd. will increase its capital in the same proportion in the form of cash. After the completion of the capital increase, the equity ratio of Anhui permanent magnet shareholders remains unchanged.

The purpose of this capital increase is to meet the capital needs of Anhui permanent magnet production capacity improvement and operation development of the company's holding subsidiary, to give full play to industrial cooperation, complementarity and respective advantages to enhance its contribution to operating performance, further enhance the company's rare earth magnetic material production capacity scale, product market share, market competitiveness and profitability, optimize the layout of magnetic materials industry, consolidate and enhance the quality and efficiency of industrial development.

It is understood that Anhui permanent Magnet will set up a Baotou branch to build the "annual output of 8000 tons of high-performance NdFeB alloy sheet project" construction address is located in Inner Mongolia Autonomous region Baotou National rare Earth High-tech Industrial Development Zone Earth Bear wholly-owned subsidiary Earth Bear (Baotou) permanent Magnet Technology Co., Ltd. (hereinafter referred to as Earth Bear Baotou Company) hospital, the total investment of the project is 90.36 million yuan; Of this total, 73.22 million yuan was invested in construction and 17.14 million yuan in working capital. The construction period is 1 year.

The project plans to lease 5760 square meters of new factory room of Daixiong Baotou Company, acquire and transform 2 600kg melting furnaces and purchase 4 800kg type IV vacuum melting furnaces. The equipment will be purchased in two phases, the transformation and installation of two 600 kg melting furnaces will be completed in advance, and two 800 kg type IV vacuum melting furnaces will be purchased at the same time; the remaining 2 800 kg type IV vacuum melting furnaces will be purchased according to the capacity release. The project will build auxiliary power distribution system, circulating water system, raw material shearing and batching system, etc. After the completion of the project, the total production capacity will reach 8000 tons.

Northern rare earths earth bears rare earths production capacity

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