On the morning of January 10, 2024, the commencement ceremony of "Industrialization Project for 25t High-purity Rare Earth Metal Target Material and 2,000t High-end Rare Earth Alloy", which is led by CIE as the general contractor, was held in Liuyang National Economic & Technical Development Zone.

This project is invested by Hunan Rare Earth Co., Ltd., a Level III subsidiary of Hunan Hi-tech Investment Group. It is the latest achievement of the top ten technological breakthroughs in Hunan Province in 2023 and also a move of Hunan Hi-tech Investment Group to create "6-creation entities" around the blueprint of "Three Hubs and Four Missions". The project covers an area of 83 mu and will be completed in two phases. In the first phase, three production lines for high-purity scandium metal, rare earth target material and high-end rare earth magnesium alloy respectively will be built. The implementation of the project is expected to solve the "bottleneck" problem that some high-end materials in China are heavily dependent on imports, and it helps to meet the needs for key materials for 5G communication filters and lightweight materials in the aerospace field, realize localization and improve the quality level of China's manufacturing industry.