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A 20,000tpy rare earth permanent magnetic material project to be built in Chongren, Jiangxi

On September 19, an agreement signing ceremony was held in Chongren High-tech Development Zone for the 20,000tpy rare earth permanent magnetic material and 2,500tpy electromagnetic wire project. With a planned construction area of about 28,000m2 and total investment of around RMB300 million (USD41.49 million), the project is expected to achieve an operation revenue of over RMB200 million (USD27.66 million) and taxation of over RMB4 million (USD0.55 million) in the first year after ramping up to its nameplate capacity, in the second year operation revenue of over RMB300 million (USD41.49 million) and taxation of over RMB6 million (USD0.83 million), and from the third to fifth year average operation revenue of over RMB500 million (USD69.16 million) and taxation of over RMB10 million (USD1.38 million) per year.