China Northern Rare Earth (Group) High-tech Co., Ltd., the country’s largest rare earth miner and producer, expected its net profits to plunge in 2016 as demand sagged, prices faltered while production costs rose.

Net profits may plunge by up to 90 percent from a year earlier to 325.72 million yuan (47.21 million U.S. dollars) in 2016, the company said Saturday in a report filed to Shanghai Stock Exchange.

Earnings per share would be 0.09 yuan, unchanged compared with that in 2015.

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