Jl Mag Rare-Earth (06680) plans to invest in the construction of a green smart manufacturing project with an annual output of 20,000 tons of high-performance rare earth permanent magnet materials.

Jl Mag Rare-Earth (06680) announced that in order to actively respond to the national policy of building "two rare earth bases", the company's board of directors upholds the vision of "becoming a leading enterprise in the global rare earth permanent magnet industry". Based on market demand and its own business development needs, the company plans to invest in the construction of the "Annual production of 20,000 tons of high-performance rare earth permanent magnet materials green smart manufacturing project" through its wholly-owned subsidiary Jl Mag Rare-Earth (Baotou) Technology Co., Ltd. (referred to as "Jinli Baotou Company") on the basis of the 40,000 tons of high-performance rare earth permanent magnet material production capacity to be completed by 2025. The total investment amount for this project is 1.05 billion yuan, with a construction period of 2 years. After completion, the company will have the production capacity of 60,000 tons of high-performance rare earth permanent magnet materials per year. The announcement stated that the construction of this project is an important measure for the company to further solidify its group production capacity, which will help improve the company's industrial layout, expand the company's business scale, meet customer orders in new energy vehicles, frequency conversion air conditioning, and humanoid Siasun Robot & Automation, new energy and energy-saving environmental protection fields, in line with the relevant national industrial policies and the company's future overall strategic development direction. It is conducive to enhancing the company's industry position and risk resistance capabilities, and strengthening the company's overall strength. In addition, after the completion of this project, it will help the company to increase capacity and efficiency, fully leverage the advantages of various production bases within the group, further reduce production costs, and enhance product competitiveness.