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Baotou Steel expected to gain 2 billion yuan of net profit in rare earth business this year
Wang.C.S  2018.05.24



In May 16th, Bai Baosheng, one of directors of the Baotou Iron and steel Group, said that it is expected that the government will made rare-earth purchase and storage in the middle and second half of the year, which will bring about a boost to the price of rare earth, and therefore company may expect to increase the net profit around 2 billion yuan this year.

Li Degang, chairperson of Baotou Steel Group, said the company has nearly half of the world's rare earth output. At present, the reserves of Baiyunebo mine in Baotou Iron and steel company have been proved 14 billion tons, finding 175 minerals and 73 elements. Baiyunobo has the rich reserve of rare earth ranking first in the world and niobium reserve ranking the second in the world. Beside there is also 197 million tons of resources in the tailing of Baotou Steel Group tailings resources, containing about 12 million 800 thousand tons of rare earth.

The rare earth concentrate of Baotou Steel Group mainly supplies to North Rare Earth Group. The company has signed a rare earth concentrate supply contract with Northern Rare Earth Group, at a sales price of 14000 yuan per ton (excluding tax). The contract pricing refers to the price of rare earth carbonate and the average utilization ratio of the industry, said Bai Baosheng.

Li Degang said that Baotou Steel Corporation explored 3.6 million tons of ore each year. It is believed that the ore can be consistent for 55 years at the speed of current annual mining speed. The designed output for rare earth concentrate output was 300 thousand tons; the company will adjust annual output according to the market conditions. In the future, we will make full use of the feature of rare earth elements to improve the properties of steel, develop new steel kinds, replace high cost alloy with low cost rare earth, and reduce the cost of steel.
 
From:  
 
HongDa Industrial plans to invest rare earth new materials processing and application project in Baotou

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