Largest rare earths producer slumps

Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co, the nation's largest rare earthsproducer, said Saturday that its net profits in the third quarter slumped 89.6 percentyear-on-year to 120 million yuan ($19.05 million).

The company's sales revenue during the July-September period dropped 52.2 percentyear-on-year to 1.97 billion yuan, while earnings per share came in at 0.05 yuan,according to a quarterly report.

It attributed the declines to "substantial drops" in rare earth prices and sales.

Rare earth prices in China have dropped sharply since the beginning of the year onweakening demand amid the global economic slowdown.

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