Economy

No.1 rare earth producer maps out production boosting plan

(Xinhua)
Updated: 2011-03-09 17:27

BAOTOU, Inner Mongolia - China's top rare earth producer, Baotou Steel Rare-Earth (Group) High-Tech Co, said Wednesday it would markedly increase its market share of five major rare earth products including magnetic materials in the next five years.

Zhang Zhong, general manager of the company, said that the company would enlarge its production capacity of rare earth magnets from 6,000 tonnes a year at present to 10,000 tonnes by 2015.

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It will also increase its production capacity of rare earth polishing materials from 5,000 to 10,000 tonnes, and that of hydrogen storage alloys, crucial for making batteries for electric vehicles, from 4,000 to 6,000 tonnes.

The alloys of luminescence materials and catalytic materials with rare earth elements would also become key products of the company during the period, Zhang said.

Baotou Steel Rare-Earth is currently the world's biggest producer of rare earth magnets. These materials are widely used for making electronic products, such as computer hard drives and cordless tools.

The company listed on the Shanghai Stock Exchange in 2007 has the sole exploitation right for rare earths in north China's Inner Mongolia autonomous region, where more than half of the world's rare earth resources are mined, especially the lighter ones.