I believe that this message is dated the 13 of May 2003
Rare earth manufacturer, Inner Mongolia Rare Earth Hi-Tech Co Ltd, has announced that its joint venture nickel hydride battery production project with US based ECD/OBC will start production in June 2003, six months behind
schedule.
¡¡¡¡ The project was initially delayed because of unsatisfactory design and delayed equipment delivery provided by
ECD/OBC which resulted in a delay to the schedule for installing the production lines a hydrogen storage alloy, a batter plate line and battery assembly line for the nickel hydride battery project.Inner Mongolia Rare Earth said in a statement.
¡¡¡¡ Under the agreement, the new venture was scheduled to commence production before the end of 2002. Once operational, the nickel hydride battery project
¡¡¡¡ At present, the hydrogen storage alloy project is expected to product 10 million Model C batteries and 7 million Model D batteries a year, predicted to generate approximately US$48.31 million in annual sales.
¡¡¡¡ To date, only the hydrogen storage alloy powder alloy has commenced trial production. The other two lines are still being installed and undergoing tests.
Baotou's rare earth firms made a total of RMB1 billion (USD120.92 million) in sales revenue during the first half,
surging 104% year-on-year, and realized a combined industrial value-added profit of RMB250 million (USD30.2 million),
up 43% from the same period in 2002.
¡¡¡¡With abundant rare earth resources, Baotou is ranked as one of the world's largest rare earth production centres. This
year the targets are for annual revenues of RMB2 billion (USD241.63 million) and production values of RMB2.6 billion
(USD314.12 million), representing growth of 83.5% and 40.5% respectively, compared to last year's corresponding
period.
¡¡¡¡In an effort to develop the rare earth industry further as a focal point amid its overall economic development, Baotou
intends to expand the production base for its rare earth development further. Its full-year sales revenues are forecast to hit
RMB7 billion (USD845.72 million) by 2005, and it has plans to raise this figure to RMB15 billion (USD1.81 million) by
2010.
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