The State Key Laboratory for Advanced Metals and Materials Nantong Zhenghai R&D Base is inaugurated on June 28 in Rugao, Nantong, East China's Jiangsu province. [Photo/WeChat account: rugaofabu]

Nantong Zhenghai Magnetic Material Co Ltd was put into operation and the Nantong Zhenghai R&D Base of the State Key Laboratory for Advanced Metals and Materials was inaugurated on June 28.

Nantong Zhenghai Magnetic Material Co Ltd in Rugao, Nantong, East China's Jiangsu province, is a wholly-owned subsidiary of Yantai Zhenghai Magnetic Material Co Ltd, a listed company on the ChiNext.

The high-performance rare earth permanent magnet R&D and production base, covering an area of 515 mu (34.3 hectares), received 5 billion yuan ($690.64 million) in investment from Nantong Zhenghai Magnetic Material Co Ltd.

At full capacity, it will produce 18,000 metric tons of high-performance permanent magnet materials per year, with expected annual sales revenue of 9 billion yuan and annual tax payments of 500 million yuan.

Construction on the first phase of the high-performance rare earth permanent magnet R&D and production base has been completed.

The State Key Laboratory for Advanced Metals and Materials was approved by the country in 1990 and received support from University of Science and Technology Beijing. The State Key Laboratory for Advanced Metals and Materials Nantong Zhenghai R&D Base will carry out scientific research work with the help of joint research centers.

In addition, Zhenghai Magnetic Materials will work to turn the Nantong Zhenghai R&D Base into a high-yield field for scientific and technological achievements and promoting the commercialization of achievements in Rugao.