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China’s Baogang Group to Open New Rare Earth Base, Xinhua Says

Feb. 14 (Bloomberg) -- Baogang Group and Jiangsu Tiancai Technology Material Co. will jointly build and run a rare-earth luminescent-material production base in eastern China’s Jiangsu province, Xinhua News Agency said today, without citing anyone.

The new base will cover an area of 67 acres and have production capacity of as much as 1,500 metric tons, according to the report. The venture targets annual output value of more than 1.5 billion yuan in its first phase, Xinhua said.

Inner Mongolia Baotou Steel Rare-earth Hi-tech Co., China’s biggest producer of rare earths, is a unit of the Baogang Group, the official news service said.

To contact the reporter on this story: Liza Lin in Shanghai at llin15@bloomberg.net

To contact the editor responsible for this story: Joshua Fellman at jfellman@bloomberg.net

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