Announcement on October 30, 2024: Ningbo Zhaobao Magnet Co., Ltd., based on strategic layout and business development needs, plans to establish Northern Zhaobao Magnet (Inner Mongolia) Co., Ltd. (tentative name) in collaboration with Northern Rare Earth, Ningbo Souwest Magnetech Development Co., Ltd., and Suzhou Torin Drive Equipment Co., Ltd. The registered capital of the new company will be 100 million CNY, with contributions made in cash, where Northern Rare Earth will subscribe for 40 million CNY, accounting for 40%. This project will be led by Ningbo Zhaobao and aims to build a production capacity of 3,000 tons of high-performance NdFeB magnets, with construction expected to be completed by the end of May 2025. The goal is to create a coordinated upstream and downstream high-end rare earth permanent magnet industry chain, promoting green, sustainable, and high-quality development.
