Baotou Tianhe Magnetics Technology (SHA:603072) signed an agreement to secure land for a rare earth permanent magnet research and development center, according to a Shanghai bourse on Monday.
The Chinese magnet producer signed the deal with Administrative Committee of Baotou Rare Earth High-Tech Industrial Development Zone, which will provide the land for the project.
The facility will be built in two phases for a total of 850 million yuan.
The construction will start in March 2026 and end in August 2027.
The company's shares jumped over 4% at the close of the trade.
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