China’s Golden Dragon Launches New NdFeB Magnet Project in Baotou—China Powerhouse Expands Capacity

Highlights

• Golden Dragon Rare Earth commissions Phase I NdFeB magnet production project with 5,000 tonnes annual capacity in Baotou
• Backed by Xiamen Tungsten, the RMB 462 million project targets key growth sectors like wind turbines and electric vehicles
• The facility enhances China’s strategic position in rare earth permanent magnet supply chain amid global trade tensions

Golden Dragon Rare Earth New Materials (Baotou) Co., Ltd. has officially commissioned its Phase I high-performance neodymium-iron-boron (NdFeB) magnet production project, adding 5,000 tonnes per annum (tpa) to China’s already dominant rare earth magnet capacity. Located in Baotou’s Rare Earth High-Tech Zone, the fully funded RMB 462 million (USD $64.34 million) project brings the company’s total annual magnet blank production capacity to 20,000 tonnes once fully ramped up.

The project is backed by Fujian Golden Dragon Rare Earth Co., Ltd., (opens in a new tab) a wholly owned subsidiary of Xiamen Tungsten Co., Ltd (opens in a new tab)., a publicly traded Chinese state-linked enterprise and major player in the global tungsten and rare earth materials market. Xiamen Tungsten is dual-listed on the Shanghai Stock Exchange and benefits from deep state financing, access to upstream resources, and central planning alignment.

Golden Dragon’s NdFeB output will target key growth sectors, including wind turbines, energy-efficient motors, electric vehicles, and high-end electronics—areas where China currently leads global production. The new facility enhances China’s stranglehold on the rare earth permanent magnet supply chain amid tightening export controls and intensifying trade tensions.

Company Profile Snapshot:

• Parent: Xiamen Tungsten Co., Ltd. (SSE: 600549)
• Subsidiary: Fujian Golden Dragon Rare Earth Co., Ltd.
• Project Operator: Golden Dragon Rare Earth New Materials (Baotou) Co., Ltd.
• Sector: NdFeB magnet blanks and advanced rare earth materials
• Location: Baotou Rare Earth High-Tech Zone, Inner Mongolia
• Investment: RMB 462 million (~USD $64 million)
• Annual Capacity Target: 20,000 tonnes