Chinese rare earth producer Guangsheng Nonferrous Metals plans to build a high-performance neodymium iron boron (Nd-Fe-B) permanent magnet material production plant in Guangzhou, Guangdong Province, China. The project with a cost of 1.337 billion yuan (US$206 million) and a design capacity of 8,000 tons per year is planned to be completed within 30 months. More details including the launch date have not yet been announced.
The company is a subsidiary of Guangdong Rare Earth Group. Guangdong Rare Earth Group is one of the rare earth groups controlled by China's six countries. Its goal is to extend its industrial chain to downstream areas and develop higher value-added products through the construction of the factory. The State Council of China announced in November the development plan for the new energy vehicle industry for 2021-25. The goal is that new energy vehicles will account for 20% of China's total vehicle sales by 2025, while its market share in 2019 is only 4.7%. Diesel locomotives usually require 1.5-2kg of permanent magnets, while each new energy vehicle consumes about 2.5-5kg of rare earth magnets.
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