Northern Rare Earth supports subsidiary in construction of high-performance NdFeB alloy sheet project
2021-09-02 14:55:09 [Print]
Recently, Northern Rare Earth announced that it planned to increase capital of about RMB54
Located in Earth-panda's wholly-owned subsidiary Earth-panda (Baotou) Permanent Magnet Technology Co., Ltd . , Baotou National Rare Earth Hi-tech Industry Development Zone, the 8,000-ton-per-annum high-performance NdFeB alloy sheet project with a construction period of one year receives a total investment of RMB90 . 36 million (USD13 . 98 million), including RMB73 . 22 million (USD11 . 33 million) for construction and RMB17 . 14 million (USD2 . 65 million) for initial working capital.
. 22 million (USD8 . 39 million) in its holding subsidiary Northern Rare Earth (Anhui) Permanent Magnet Technology Co . , Ltd . in cash for the establishment of Baotou branch company and construction of the 8,000-ton-per-annum high-performance NdFeB alloy sheet project . Earth-panda Advance Magnetic Material Co . , Ltd . , a shareholder of Northern Rare Earth (Anhui) Permanent Magnet Technology Co . , Ltd . , will increase capital in cash at the same ratio . After the capital increase, ownership ratio of Northern Rare Earth (Anhui) Permanent Magnet Technology Co . , Ltd . will remain unchanged. Located in Earth-panda's wholly-owned subsidiary Earth-panda (Baotou) Permanent Magnet Technology Co., Ltd . , Baotou National Rare Earth Hi-tech Industry Development Zone, the 8,000-ton-per-annum high-performance NdFeB alloy sheet project with a construction period of one year receives a total investment of RMB90 . 36 million (USD13 . 98 million), including RMB73 . 22 million (USD11 . 33 million) for construction and RMB17 . 14 million (USD2 . 65 million) for initial working capital.