Recently, Tianhe Magnetics announced that its wholly-owned subsidiary, Baotou Tianhe New Material Technology Co., Ltd., signed an "Investment Agreement for the High-Performance Rare Earth Permanent Magnets and Components, Equipment Manufacturing, and R&D Project (Phase I)" with the Management Committee of Baotou Rare Earth High-Tech Industrial Development Zone.
The total investment in the project is expected to be 850 million yuan and will be constructed in two phases. Among them, the first phase is planned to invest 210 million yuan with a construction period of 18 months. After the completion of the first phase and the achievement of the expected capacity, the second phase will be advanced based on market conditions.
The high-performance rare earth permanent magnets and components, equipment manufacturing, and R&D (Phase I) project invested and constructed by Baotou Tianhe New Material Technology Co., Ltd. in the Baotou Rare Earth High-Tech Zone primarily includes the construction of workshops, supporting facilities, production line equipment, and public auxiliary facilities required for high-performance rare earth permanent magnets and components, as well as equipment manufacturing. Additionally, an R&D center will be constructed as part of the supporting facilities.
