Huahong New Materials' rare earth magnet project phase I goes into operation

Baotou Huahong New Materials Technology Co., Ltd. officially launched the phase I production line of its 20,000tpy high-performance rare earth magnetic materials project on October 28.

The project involves a total planned investment of RMB700 million (USD105.14 million) and covers an area of 138 mu (about 9.2 hectares). It includes the construction of five standardized factory buildings, along with supporting facilities such as office and dormitory buildings.

Upon reaching full capacity, the project is expected to generate an annual output value of RMB2.4 billion (USD360.48 million), annual tax payments of RMB60 million (USD9.01 million), and an annual profit of RMB90 million (USD13.52 million). It will also create more than 450 jobs.