Northern Rare Earth to set JV for 3ktpa NdFeB magnets project

China Northern Rare Earth (Group) High Tech Co., Ltd. announced that it plans to invest RMB40 million (USD5.61 million) to set up a joint venture with Ningbo Zhaobao Magnet Co., Ltd., Suzhou Torin Drive Equipment Co., Ltd., and Ningbo Souwest Magnetech Development Co., Ltd.

The proposed joint venture will build a 3,000tpa high-performance NdFeB magnets project in Baotou Rare Earth High-tech Industrial Development Zone for a total investment of approximately RMB120 million (USD16.83 million), and the construction is scheduled to be completed by late May 2025.