Beijing Lier High-Temperature Materials plans to invest 1.39 billion yuan on a polysilicon project with annual capacity of 5,000 tons a year.

The firm will first obtained a full stake in a related company for no more than six million yuan and then inject 600 million yuan into it. The project, which has a construction period of two years, will begin trial operation in June 2012.

Lier Materials, producer of refractory materials used in the iron and steel industries, expects that the project will bring in annual net profits of 420 million yuan and 1.48 billion yuan in revenues.