China Northern Rare Earth Group Completed Integration of 6 Enterprises in Inner Mongolia



China Northern Rare Earth Group Completed Integration of 6 Enterprises in Inner Mongolia

On September 11, China Northern Rare Earth Group, which is located in Baotou, Inner Mongolia, disclosed to the public that up till now it has finished integration of 6 rare earth enterprises in Inner Mongolia, integration work for the remaining 3 enterprises is making progress according to schedule, and is expected to be completed by the end of the year.

According to industry news, early this year Baotou Iron & Steel Rare Earth changed its name to China Northern Rare Earth Group after integrating several rare earth enterprises in Inner Mongolia. Up till now, through equity acquisition, this enterprise has completed integration of 6 enterprises within the Inner Mongolia Autonomous Region, corresponding enterprises have been admitted into the framework of China Northern Rare Earth Group for operation. The company is still making progress in the integration of other enterprises in the region and the cooperation with Gansu Rare Earth.

According to news reports, in 2014 Baotou Iron & Steel Group put forward the “Implementation Plan for Organization of China Northern Rare Earth (Group) Hi-tech Co., Ltd”. After the Plan obtained approval from the Inner Mongolia Government, it received consent from the MIIT for record keeping. MIIT’s reply letter requested Baotou Iron & Steel Group to integrate all rare earth mining, smelting & separation, and integrated utilization enterprises in Inner Mongolia along with Gansu Rare Earth Group, and organize China Northern Rare Earth by adopting Baotou Iron & Steel Rare Earth, a company controlled by Baotou Iron &Steel (Group), as the main body.

It has been learned that, the sales business of China Northern Rare Earth’s rare earth raw material products and rare earth functional material products is a leading enterprise of China’s rare earth industry.

According to China Northern Rare Earth Group, for the future business at the rare earth raw material end, in the aspect of rare earth functional materials, this Group would place the focus on developing five major rare earth industrial chains. In addition, the company will also selectively extend toward downstream application fields, aiming to enhance product added value.