Jinhui Permanent Magnet inks deal for NdFeB project in Jinxian
2024-05-29 13:33:53 [Print]
On May 27, Jinhui Permanent Magnet (Jiangsu) Magnetic Materials Co., Ltd. reached an agreement with the government of Jinxian County to build a high-performance permanent magnet materials R&D and production project, with investment mainly from Suzhou Industrial Park Value Capital Co., Ltd., which expects to establish a complete industry chain for permanent magnet materials.
With a total investment of around RMB1 billion (USD138 million), the project focuses on the R&D, production and sales of high-performance NdFeB with high magnetic energy product, high coercivity and strong corrosion resistance. When fully operational, the project will be able to produce 10,000 tonnes per annum of high-performance permanent magnet materials, with an annual production value of nearly RMB2 billion (USD276 million) and tax revenue of around RMB80 million (USD11.04 million).
The project includes two phases and the first phase with investment of RMB250 million (USD34.49 million) is scheduled to complete construction and come on stream this October, for a production capacity of 3,000tpa of high-performance permanent magnet materials. The second phase, with investment of RMB750 million (USD103 million), is planned to kick off construction in 2025.
With a total investment of around RMB1 billion (USD138 million), the project focuses on the R&D, production and sales of high-performance NdFeB with high magnetic energy product, high coercivity and strong corrosion resistance. When fully operational, the project will be able to produce 10,000 tonnes per annum of high-performance permanent magnet materials, with an annual production value of nearly RMB2 billion (USD276 million) and tax revenue of around RMB80 million (USD11.04 million).
The project includes two phases and the first phase with investment of RMB250 million (USD34.49 million) is scheduled to complete construction and come on stream this October, for a production capacity of 3,000tpa of high-performance permanent magnet materials. The second phase, with investment of RMB750 million (USD103 million), is planned to kick off construction in 2025.
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