China's largest light rare earths producer state-owned Northern Rare Earth Group High-Tech raised its rare earth output in 2017 in response to rising demand and tight spot supply resulting from environmental checks and a crackdown on illegal material.
The company produced 54,278t of rare earth raw material products in 2017, up by 21.88pc from 2016. It sold 58,050t of rare earth raw material products, up by 3.26pc from a year earlier. Its inventories of rare earth raw material products fell by 2.33pc to 158,066t.
Its output of rare earth functional materials reached 39,025t in 2017, up by 69.5pc from 2016. It sold 38,964t of rare earth functional materials, up by 76.07pc from a year earlier. Its inventories of rare earth functional materials totalled 2,258t, up by 2.78pc from 2016.
Rare earth raw material products mainly include rare earth metals and oxides, while rare earth functional materials mostly involve neodymium-iron-boron (NdFeB) magnets and polishing powder.
The company reported operating revenue of 10.2bn yuan in 2017, up by 99.56pc from Yn5.11bn a year before. Its net profit of Yn401.33mn rose by 341.83pc compared with Yn90.83mn in 2016.
Most of its subsidiaries, such as Zibo Baoganglingzhi RE Hi-Tech, Inner Mongolia Baotou Steel Hefa RE, Xinfeng Baogang Xinli RE, Beijing Sanjili New Material and Inner Mongolia Baogang RE Magnet Material, posted a rise in their operating revenues and net profits in 2017 as a result of increased sales and higher prices.
Northern Rare Earth will continue to extend the rare earth industry chain and boost output of high value-added downstream products, it said.
