Northern Rare Earths: Joint Venture Establishes New Company to Build a 10,000 Ton Per Year Cerium-Neodymium Iron Boron Magnetic Material Project

Northern Rare Earths Announcement: The company plans to invest 116 million RMB of its own funds to jointly establish Northern ShuoTeng Magnetic Industry (Inner Mongolia) Co., Ltd. with Ningbo ShuoTeng New Materials Co., Ltd. The new company will serve as the main entity to build an annual production of 10,000 tons of cerium-containing neodymium-iron-boron magnetic materials project. The new company has a registered capital of 340 million RMB, with Northern Rare Earths holding 34% and Ningbo ShuoTeng holding 66%. The project will be constructed in two phases, with an estimated average annual revenue of approximately 1.49B RMB and an average annual net profit of about 73.3294 million RMB.

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