Baowu Magnesium Technology Co., Ltd. (hereinafter referred to as Baowu

Published: Nov 7, 2023 10:14

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Baowu Magnesium Technology Co., Ltd. (hereinafter referred to as Baowu Magnesium) issued a notice that in order to ensure the stable supply of raw materials for the production of primary magnesium and magnesium alloy of its subsidiary Wutai Yunhai Magnesium Co., Ltd. (hereinafter referred to as Wutai Yunhai), the Company decided to participate in the auction of mining rights of Baiyunyan Mine in Daying Town, Wutai County, Xinzhou City, Shanxi Province (hereinafter referred to as Baiyunyan Mine). On November 3, 2023, Wutai Yunhai successfully bid for 1.168 billion yuan.

Baowu Magnesium said that the acquisition of mining rights will further ensure the stable supply of dolomite required for the production of primary magnesium and magnesium alloy, thus stabilizing the cost of the Company's materials and product prices, and is conducive to the expansion of magnesium applications.

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