On November 26, government of Longling county, Yunnan province signed a project agreement with Minmetals Rare Earth (Tengchong) Co., Ltd. on rare earth oxide mixture processing project.

Phase one of the three-phase project will have a planned investment of about RMB150 million (USD23.54 million). When going into operation, it is expected to generate an annual production value of over RMB1 billion (USD0.16 billion) and annual taxation of over RMB20 million (USD3.14 million).