LB Group Co., Ltd. announced that Hunan Donggang, a subsidiary of the company, or its subordinate subsidiaries will invest RMB 1.08 billion to build the scandium and vanadium new materials industrial park project. The project is divided into three phases: phase one will construct 2,500 tons/year of high-purity vanadium pentoxide, 20,000 cubic meters/year of vanadium electrolyte, and 2,000 tons/year of aluminum balls; phase two will construct 50 tons/year of potassium fluoride, 1,200 tons/year of aluminum-based intermediate alloys, and 40,000 cubic meters/year of vanadium electrolyte; phase three will construct 20,000 tons/year of new high-performance aluminum alloy rods containing scandium and 20,000 tons/year of new high-performance aluminum alloy profiles containing scandium. The project construction period is 5 years and the source of funds is self-owned and self-raised funds or other financing methods.