China Northern Rare Earth Forecasts Up to 60% Decline in 2024 Profit on Lower Rare Earth Prices

MT Newswires Live

01-23

China Northern Rare Earth Group High-Tech (SHA:600111) expects an up to 60% decline in 2024 profit amid lower rare earth prices due to less-than-expected downstream demand.

Attributable net profit is forecasted to fall to between 950 million yuan and 1.08 billion yuan in 2024 from 2.37 billion yuan the previous year, according to a Thursday filing with the Shanghai bourse.

Shares of the miner rose 2% in recent trade.

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