China’s Jiangxi ups rare earths profits 166% to $144m in first quarter
Commodity Online online reports on Thursday rare earth monopoly China’s Jiangxi Province saw its output surged 30.15% year on year to 5,694 metric tons in the first four months of the year, boosted by rising prices.
In the first three months of this year, the rare earth industry in Jiangxi realized RMB4.95bn ($770m) in operating revenue, up 83% from the first quarter 2010, due to increases in both output and prices. The industry saw its gross profit surged 166% year on year to RMB934m ($144m) during the period.
Jiangxi is a main producer of medium and heavy rare metals, whose prices are much higher than light rare earths mainly produced in Northern part of China.
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