The largest rare earths company in the world, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co. Ltd, has announced its profits fell by more than one fifth for the first half of 2012, compared to 2011.
The company’s total profit for the period from January-June was Chinese renminbi (Rmb) 2.411bn ($379m), down 37.82% year-on-year (y-o-y), while its net profit was Chinese Rmb 1.596bn ($252m), down 20.6%.
The figures represented a dramatic change in fortunes for Baotou, which in April reported a 149% increase in profits to Chinese Rmb 1.21bn...