Northern Rare Earth: Plans to jointly invest 116 million yuan to build a project for cerium neodymium iron boron magnetic materials.

Northern Rare Earth announced that the company plans to use its own funds of 116 million yuan to jointly establish Northern Shuoteng Magnet Co., Ltd. with Ningbo Shuoteng New Materials Co., Ltd., holding a 34% stake, and to construct a project with an annual production of 10,000 tons of cerium-neodymium iron-boron magnetic materials. The project will be constructed in two phases, with a total investment of 595 million yuan, and is expected to generate an annual revenue of 1.492 billion yuan and a net profit of 73.3294 million yuan. The investment still needs to pass antitrust review, and there is a certain risk to the profitability of the new company, for which measures have been formulated to address.