Xiamen Tungsten Co., Ltd (600549.SH) and its subsidiary Fujian Changting Golden Dragon Rare-Earth Co., Ltd will receive 480 million yuan of investment from China Development Fund, according to their investment agreements signed on Wednesday.
Xiamen Tungsten announced on Friday that China Development Fund would invest 120 million yuan and 360 million yuan in its high-performance NdFeB rare-earth permanent magnet component project and high-performance heat resistant permanent magnet material project for electric vehicle drive motor respectively in the form of capital increase.
During a 12-year investment period China Development Fund will get an average rate of return of 1.2 percent annually on each project. China Development Fund has invested 190 million yuan and 300 million yuan in two projects of Xiamen Tungsten respectively in October of this year.
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