230 million yuan of Baotou steel to invest in southern rare earths

Baotou Steel Rare Earth (600111) announcement, in order to further promote China's rare earth industry joint restructuring, promote the north-South rare earth to accelerate the pace of joint ventures, the company intends to 230 million yuan to the South rare earth industry to invest. which，　　It is proposed to invest 73.8729 million yuan in cash mode for the equity investment of Jiangxi province Ganzhou Xinfeng Rare earth Co., Ltd. and the Ganzhou Quannanjing Ring Technology Co., Ltd. of Jiangxi Province for the establishment of rare earth enterprises;　　After the completion of the investment, Baotou Steel will hold the new Xinfeng 48%, with the entire Nanjing ring to form a new company 49%, Ganzhou morning light 9.25% equity. The company also announced 2010.5 Annual report, to achieve business income of 2.328 billion yuan, an increase of 157.33% per cent, net profit of 354 million yuan, to achieve a turnround. Basic income of 0.438 yuan per share.