Baotou group’s income soars 51 percent in first nine months

Beifang Rare Earth Group Technology Co reported an operating income of 14.085 billion yuan ($2 billion) for the first three quarters of 2019, for a year-on-year increase of 51.2 percent, according to a Nov 22 report in the Baotou Daily.

The group is a leading company in the production of rare earths, research and trading in China.

It is based in the Baotou Rare Earth High-Tech Industrial Development Zone in Baotou, in North China’s Inner Mongolia autonomous region.

After more than 50 years of growth, the company now has 37 factories, subsidiaries, wholly owned, holding and shareholding companies distributed across 10 provinces, autonomous regions and municipalities.

It boasts complete industrial chains in rare earth mining, smelting, functional materials and deep processing applications.

In 2019, impacted by factors such as market supply and demand, prices of light rare earth and medium and heavy rare earth products increased, according to the company.

The company said that in the first three quarters it seized market opportunities by strengthening process controls and optimizing process technology and achieved new breakthroughs in the production of raw materials.

The company said it implemented new marketing and trade strategies.

It added that in the nine months it stabilized its main business income, increased the trade income of non-rare earth products and achieved steady growth in overall operating income.