China’s largest rare earth producer increased its profits five-fold in the first half of 2011 in a period of unprecedented price rises.
Inner Mongolia Baotou Steel Rare Earth Group Hi Tech reported a net profit of renminbi 1.98bn ($310m.), while sales more than doubled to Rmb 5.98bn.
The company attributed higher profits to the restructuring of China’s rare earth industry and supportive government policies, which have helped consolidate the country’s producers.
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