The "Baotou Bayan Obo Mining District Rare Earth New Materials and Industrial Application Comprehensive Service Platform" recently went online in the Guangdong-Hong Kong-Macao Greater Bay Area.

Bai Yonggang, executive deputy chief of Bayan Obo mining district, said, "We will continuously support the construction of this service platform, promote extensive collaboration between the platform, research and development institutions, and the market, as well as contribute to the construction of a rare earth new material base and a rare earth application base."

Rare earth materials are precious resources and are crucial to characteristic industries in Inner Mongolia. The Bayan Obo Mine in Baotou city, North China's Inner Mongolia autonomous region, is the world's largest rare earth mine and one of the few all-rare-earth element mines in the world.

In 2023, Baotou city implemented 34 key projects related to the rare earth industry, including 20 rare earth new materials projects. Additionally, the city's annual magnetic material production capacity has reached 135,000 metric tons, ranking second in the country and accounting for 30 percent of China's total.

In 2024, Baotou will increase the scale of its magnetic material production capacity as well as promote the completion and commissioning of projects that are currently under construction. It also aims to achieve a magnetic material production capacity of over 150,000 tons, and accelerate the settlement of new magnetic material companies and leading enterprises in the industry.

At the same time, the city will accelerate construction on its permanent magnet motor industry park, and promote the settlement of leading permanent magnet motor enterprises. By doing this, it will be able to vigorously develop its locally-produced high-end motors, such as servo motors and motors for new energy vehicles, as well as achieve a magnet motor output value of 5 billion yuan ($694.64 million) within the year.