# Ningbo Zhaobao Magnet starts construction of new magnet plant

Ningbo Zhaobao Magnet held a commencement ceremony for a new plant on October 28, 2022. The plant covers 50,000 square meters, with an investment of 350 million CNY (50 million USD) and an annual capacity of 5,000 tons.

- Type: New facility
- Announced: 2022-11-01
- Where: Zhenhai, Ningbo, Zhejiang, China
- Value: $50.0M (350.0M CNY)
- Status: under construction
- Capacity: 5,000 tons per year
- Products: permanent magnets
- Sectors: [Industrial Machinery](https://endata.com/sectors/industrial-machinery.md)

## Companies

- [Ningbo Zhaobao Magnet](https://endata.com/companies/66285.md)

## Sources

- [zhaobao-magnet.com](https://www.zhaobao-magnet.com/new-plant-with-annual-capacity-5-000-tons/), 2022-11-01: "Oct. 28th, 2022, a grand commencement ceremony was held for our new plant, which takes up 50,000 square meters."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.