Northern Rare Earth to join investment in rare earth permanent magnet project
2021-10-12 16:24:16 [Print]
Northern Rare Earth announced that it plans to join investment, together with Advanced Technology & Materials Co., Ltd (AT&M) and its holding subsidiary Inner Mongolia Baotou Steel Rare Earth Magnetic Materials Co., Ltd. (BGM), in setting up a new joint venture focusing on rare earth permanent magnet. The new JV will use BGM's existing assets including land, plants and associated facilities to build the 5,000tpy rare earth permanent magnet industrialization project. Northern Rare Earth will invest 166 million yuan (25.73 million US dollars) to hold 41.50% interest in the project; BGM will hold 7.50% stake by providing 30 million yuan (4.65 million US dollars) based on audited net assets related to magnet; AT&M will hold 51% equity by investing 204 million yuan (31.62 million US dollars). With total investment of 490 million yuan (75.95 million US dollars), the project has a two-year constriction period (from Q4 2021 to Q4 2023).
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