Dongwu Cement (00695) announced the acquisition of Dongfang Chengzheng Rare Earth Technology (Ganzhou) Co., Ltd., a subsidiary of the relevant company...
Zhitong Finance App News, Dongwu Cement (00695) announced that Dongwu Cement (00695) Co., Ltd., a subsidiary of the relevant company, acquired Ganzhou Chengzheng Rare Earth New Materials Co., Ltd. and invested in Ganzhou Chengzheng New Materials Co., Ltd., through its subsidiary Ganzhou Chengzheng, completed the first phase of the technology transformation project at the permanent magnet material production workshop located at No. 1 Chuangye Road, Ganzhou High-tech Industrial Park, Jiangxi Province, China, and officially put into operation in February 2024. By the end of January 2024, Dongfangcheng was achieving a daily production capacity of about 3 tons of sintered NdFeB blanks and about 1 ton of finished NdFeB products during the first phase of the production workshop project; monthly production capacity of more than 100 tons of NdFeB blanks and more than 25 tons of finished NdFeB products. Therefore, Dongfang Chengzheng expects to achieve a significant increase in production capacity throughout the year. Next, Dongfang Chengzheng plans to launch the second phase of the project this year, and the Group will continue to invest more, aiming to achieve the vision of increasing the production capacity of high-performance sintered NdFeB blanks to further improve production capacity and performance.
The project is a new stage in the development of the company's rare earth permanent magnet industry. Together with the company's rare earth mining business, rare earth burning business, magnetic material surface treatment business, and permanent magnet motor business, it has improved the company's industrial chain layout. It marks that Dongfang Cheng's rare earth and rare earth permanent magnet business has entered a new stage of development, showing the company's determination and confidence to deeply cultivate the rare earth and rare earth permanent magnet industry.