North Rare Earth Plans to Invest in Constructing National Rare Earth New Materials Innovation Base Project

In middle June, North Rare Earth made announcement that China North Rare Earth (Group) High Tech Incorporated Ltd. plans to utilize its own funds of RMB 94.53 million in constructing “North Rare Earth National Rare Earth New Materials Innovation Base Project”. According to North Rare Earth, Baotou Rare Earth Research Institute, subordinated to the Company, fulfills general deployments in scientific work arranged by the Company by keeping strengthening its endeavors in all kinds of scientific research work in rare earth new materials. In consideration of the fact that the institute is currently suffering limitations concerning size of sites and it is hard for the institute to simultaneously implement multiple experiments of rare earth new material researches, for the purpose of better undertaking constructions and operations of national-level and autonomous-region-level scientific platforms, carrying out a good deal of scientific research tasks while being able to well satisfy upcoming requirements raised by various large-size testing equipment for sites, requirements raised by public research services for space and construction standards and requirements raised by international scientific research cooperations in this field, integrate and optimize current scientific research resources and further improve scientific innovation abilities, the Company plans to utilize its own funds of RMB 94.53 million in constructing “North Rare Earth National Rare Earth New Materials Innovation Base Project”.