Managers of rare earth enterprises sign contracts in the Baotou Rare Earth High-tech Industrial Development Zone on April 8. [Photo/WeChat account of Baotou Daily]

A total of 22 rare earth industry project contracts were signed and launched in the Baotou Rare Earth High-tech Industrial Development Zone in Baotou city on April 8, with a total investment of 5.15 billion yuan ($747,47 million).

The projects involve rare earth functional materials, permanent magnet motors, scientific and technological innovation platforms and other fields, including the NdFeb project for Inner Mongolia North Rare Earth Magnetic Materials Co, which is estimated to have an annual output of 50,000 metric tons.

Xu Deguang, general manager of Yongchuang Intelligent Technology Co, who participated in the signing ceremony, said, "We signed two projects today. One of them will rely on technical resources from Tsinghua University, the University of Science and Technology Beijing, and Shanghai Jiao Tong University to make intelligent robots that are widely used in cutting-edge technology fields".

The signed projects in the zone are committed to enhancing the independent innovation capabilities of rare earth technology, which will help Baotou build itself into the world's rare earth capital.

At present, seven of China's top 10 magnetic material enterprises have settled in Baotou, with an output value of over 80 billion yuan.