Jun. 18, 2012 (China Knowledge) - Shanghai Dingli Technology Development Group Co Ltd<600614> has announced that it plans to invest RMB 1 billion to build a new material industrial park in the Guangxi Zhuang Autonomous Region.

The park, to be located in Cenxi City, will have a land area of 1,000 Mu, including 300 Mu for the first phase.

The first phase of the project is designed to have an annual production capacity of 3,000 metric tons of NdFeB permanent magnetic material, 1,000 metric tons of rare-earth metal oxide and to be able to process 5,000 metric tons of NdFeB waste.

Construction on the project will start in October and the project is expected to begin operation in by the end of September 2015.

In the first quarter of this year, the company's net profit fell 7.03% YoY to RMB 10.42 million and its core business revenue rose 18.77% to RMB 284.62 million.