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|Tuesday, March 06, 2001, updated at 09:06(GMT+8)|
Inner Mongolia Boasts Rare Earth IndustryNorth China's Inner Mongolia Autonomous Region saw rapid progress in the rare earth industry, as revealed by government statistics.
The Baotou Rare Earth High-Tech Industrial Development Zone in the city of Baotou, the country's "rare earth valley" in Inner Mongolia, reported a total output value of 3.5 billion yuan (420 million U.S. dollars) in 2000, up 31 percent from the previous year, and profit of 480 million yuan (58.5 million U.S. dollars), up 20 percent.
Established in 1992, it is the country's only development zone specializing in rare earth research and development.
Baotou boasts large proven reserves of rare earth oxide, accounting for 97 percent of the national reserves.
Last year, the zone attracted 20 million U.S. dollars in foreign investment and set up 133 new companies.
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