Northern Rare Earth announces capital increase to advance subsidiary's green smelting project
2024-03-11 11:57:40 [Print]
China Northern Rare Earth (Group) High Tech Co., Ltd. announced a capital increase of RMB2 billion (USD278 million) to its wholly-owned subsidiary Baotou Huamei Rare-Earth Products Co., Ltd., to help advance the green smelting upgrade project developed by the subsidiary.
Baotou Huamei would invest no more than RMB7.8 billion (USD1.08 billion) in the green smelting upgrade project on the old plant site of its smelting plant, and construction of the first phase is currently underway.
According to an earlier announcement, the green smelting upgrade project has a construction period of around 18 months, and when completed, it will have a processing capacity of 198,000tpa of mixed rare earth concentrate at 58.09% REO (115,018t of REO equivalent), extraction/separation capacity of 106,661.6tpa (REO equivalent), precipitation and crystallization capacity of 141,070tpa (REO equivalent), and ignition capacity of 39,600tpa (REO equivalent).
Baotou Huamei would invest no more than RMB7.8 billion (USD1.08 billion) in the green smelting upgrade project on the old plant site of its smelting plant, and construction of the first phase is currently underway.
According to an earlier announcement, the green smelting upgrade project has a construction period of around 18 months, and when completed, it will have a processing capacity of 198,000tpa of mixed rare earth concentrate at 58.09% REO (115,018t of REO equivalent), extraction/separation capacity of 106,661.6tpa (REO equivalent), precipitation and crystallization capacity of 141,070tpa (REO equivalent), and ignition capacity of 39,600tpa (REO equivalent).
