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Northern Rare Earth Establishes Strategic Cooperation With Xiamen Tungsten

Northern Rare Earth and Xiamen Tungsten announced on the evening of November 1 that they have signed a Strategic Cooperation Framework Agreement in Baotou, Inner Mongolia and will cooperate in a number of areas including guarantee for the supply of rare earth products, hydrogen storage materials industry, production of lanthanum, cerium, praseodymium and neodymium, R&D and management, and large rare earth groups. The cooperation will help maintain the stability of the rare earth market.

According to the Agreement, Northern Rare Earth will guarantee a monthly supply of 30-50 tons of praseodymium-neodymium oxides and 10-30 tons of neodymium oxides for Xiamen Tungsten's wholly-owned subsidiary Changting Golden Dragon and a monthly supply of 40-50 tons of lanthanum and 30-40 tons of lanthanum and cerium for Xiamen Tungsten. Changting Golden Dragon will guarantee a supply of medium and heavy rare earth products for Northern Rare Earth's magnetic material enterprises.

Northern Rare Earth and Xiamen Tungsten are both among the six largest rare earth groups in China and have a good complementarity in the northern and southern rare earth product mix. The two sides have agreed to form a strategic partnership to cooperate in areas such as cooperative operation of rare earth products and supply guarantee so as to consolidate their partnership, help maintain the stability of the rare earth market, promote the progress and healthy development of the rare earth industry, and create a favorable external environment for the development of rare earth enterprises including the two enterprises themselves.