On the morning of 17 October, Zibo Jiahua New Material Resource Co., Ltd. held the commencement ceremony for its rare earth auto-exhaust catalytic material project in Jinshan Industrial Park.

With a total investment of RMB600 million (USD90.22 million), the relocation and upgrading project with an annual separation capacity of 5,500 tons of rare earths and 8,000 tons of auto-exhaust catalytic materials, both are strategic emerging industries encouraged by the central government and Shandong provincial government, will install more than 420 sets of new equipment. After being completed and reaching designed production capacity, the project is able to produce 5,500 tons of rare earth oxides and 8,000 tons of auto-exhaust catalytic materials per annum, generate an annual prime operating revenue of RMB1.1 billion (USD0.17 billion) and an annual profit tax of RMB380 million (USD57.14 million), and create over 350 job opportunities.