(Yicai Global) June 16 -- Jintian Copper Group’s shares rose after the firm announced its intention to invest CNY600 million (USD94 million) in a rare earth permanent-magnet materials project in north China to meet growing demand from the new energy sector.

Ningbo-based Jintian Copper [SHA: 601609] ended today 0.8 percent up at CNY8.85 (USD1.38), after earlier climbing as much as 2.4 percent. The broader Shanghai Composite Index fell over 1 percent.

Construction work on the project, situated in the rare earth-rich Inner Mongolia Autonomous Region, will be in two phases and will begin in August, the company said in a statement released late yesterday.

The first phase will be completed and begin operations in 2023, while the entire project will be completed and start production in December 2025, with a total output capacity of 8,000 tons.

Jintian’s rare earth permanent-magnet materials products can be used in wind power generation, new energy vehicles, electrical machinery for industrial use, consumer electronics, information technology, medical instruments and other fields, according to its website.

With an annual capacity of about 6,000 tons, the firm has clients in Europe, North America and Southeast Asia.

Editor: Peter Thomas