Hunan Rare Earth signs contracts to build 40ktpa monazite processing project
2023-08-09 11:44:14 [Print]
On August 8, Hunan Rare Earth Industry Group Co., Ltd. signed contracts with the government of Lingling District for three rare earth projects in Hunan Rare Earth Advanced Materials Industry Park, including a 40,000tpa monazite processing project.
With total investment of around RMB10 billion (USD1.39 billion), Hunan Rare Earth Advanced Materials Industry Park is located in Huangtianpu, Lingling District and will be home to eight categories of project, including the recycling of monazite, separation of rare earth, comprehensive utilization of associated minerals, as well as battery grade iron phosphate, high-end rare earth polishing powder, high performance sintered neodymium boron magnets, high performance bonded permanent magnet materials, and high-end rare earth alloy materials.
The park will be developed in two phases. Phase one, with investment of RMB2.5 billion (USD347 million), is expected to complete by 2025 and would achieve annual sales revenue of around RMB5 billion (USD693 million) and tax revenue of RMB560 million (USD77.64 million). The second phase is expected to complete by 2030 and would generate annual sales revenue of nearly RMB12 billion (USD1.66 billion) and tax revenue of RMB1.5 billion (USD208 million).
With total investment of around RMB10 billion (USD1.39 billion), Hunan Rare Earth Advanced Materials Industry Park is located in Huangtianpu, Lingling District and will be home to eight categories of project, including the recycling of monazite, separation of rare earth, comprehensive utilization of associated minerals, as well as battery grade iron phosphate, high-end rare earth polishing powder, high performance sintered neodymium boron magnets, high performance bonded permanent magnet materials, and high-end rare earth alloy materials.
The park will be developed in two phases. Phase one, with investment of RMB2.5 billion (USD347 million), is expected to complete by 2025 and would achieve annual sales revenue of around RMB5 billion (USD693 million) and tax revenue of RMB560 million (USD77.64 million). The second phase is expected to complete by 2030 and would generate annual sales revenue of nearly RMB12 billion (USD1.66 billion) and tax revenue of RMB1.5 billion (USD208 million).
