Baotou Rare Earth Products Exchange reached a cooperation agreement worth more than 10 billion yuan ($1.45 billion) with EMKEX, a magnetic material supplier, reports Baotou Evening News.

According to the agreement, Baotou Rare Earth Products Exchange will be responsible for the trading and purchase of magnetic materials and rare earth materials provided by EMKEX through its online trading platform.

Baotou Rare Earth Products Exchange is the only e-commerce platform in China dealing in the trading of rare earth products. The platform was established to help Baotou become a leading center for rare earths in China.