China Northern Rare Earth (Group) High-Tech (SHA:600111) will establish a joint venture to set up a cerium-containing NdFeB magnetic materials facility, according to a Saturday filing with the Shanghai bourse.
The listed company will invest 115.6 million yuan in the JV, while Ningbo Shuo Teng New Materials will pour in 224.4 million yuan into the rare earths facility, the filing said.
The JV will construct the facility at the Motor Industrial Park of Baotou Rare Earth High-tech Zone in Inner Mongolia, China.
Total investment for the facility is 594.7 million yuan.
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