Baogang Lingzhi Rare Earth Hi-tech starts construction of rare earth new material project
2020-10-22 11:22:55 [Print]
On the morning of 17 October, Zibo Baogang Lingzhi Rare Earth Hi-tech Co. Ltd. held the commencement ceremony for its rare earth new material project in Jinshan Industrial Park.
With a total investment of RMB1.08 billion (USD0.16 billion), the project consisting of extraction and separation, high-end rare earth polishing material, rare earth new material and supporting public ancillary facilities will be constructed in two phases. The first phase project with a construction period of 12 months is expected to be completed and put into commercial production in mid-October 2021 and the second phase project is expected to be completed and put into commercial production in mid-July 2023. After the project reaches designed production capacity, the company will be the largest high-end rare earth polishing material producer in the world, with an annual prime operating revenue of RMB3 billion (USD0.45 billion) and an annual profit tax of RMB560 million (USD84.21 million).
With a total investment of RMB1.08 billion (USD0.16 billion), the project consisting of extraction and separation, high-end rare earth polishing material, rare earth new material and supporting public ancillary facilities will be constructed in two phases. The first phase project with a construction period of 12 months is expected to be completed and put into commercial production in mid-October 2021 and the second phase project is expected to be completed and put into commercial production in mid-July 2023. After the project reaches designed production capacity, the company will be the largest high-end rare earth polishing material producer in the world, with an annual prime operating revenue of RMB3 billion (USD0.45 billion) and an annual profit tax of RMB560 million (USD84.21 million).
