Nanjing Yunhai Acquires Magnesium Assets in Anhui

NANJING, June 4 -- Nanjing Yunhai Special Metals Co Ltd on Tuesday announced that it has spent RMB 48.06 million to acquire exploration rights on a mine, which is located in Chaohu, Anhui Province with abundant in magnesium and dolomite.

The mine, which has estimated reserves of 49.15 million tons of magnesium and 3.97 million tons of dolomite, is expected to provide the materials of magnesium for an existing project that will produce 100,000 tons of magnesium alloys per year.

Reportedly, the Shenzhen-listed firm last month announced plans to invest RMB 48.55 million in an aluminum alloy recycling project that will have an annual output of 50,000 tons of aluminum alloys.

In the first quarter of this year, the company returned to profit at RMB 9.82 million from net loss of RMB 10.06 million in the same period of 2009. First-quarter operating revenue totaled RMB 544.08 million.