Yunhai Special Metals signs project investment agreement with Chongqing Wansheng district
2020-06-18 16:38:54 [Print]
On June 16, Yunhai Special Metals signed a project investment agreement with government of Wansheng district, Chongqing city.
According to the agreement, Yunhai Special Metals will invest RMB500 million (USD70.64 million) into the Chongqing Wansheng District new material industry cluster . In particular, it will invest RMB235 million (USD33 . 20 million) into acquiring the 100% stake in Chongqing Bo'ao Magnesium & Aluminum Manufacturing Co . , Ltd . , invest about RMB50 million (USD7 . 06 million) into intelligent upgrading on the plant and building a laboratory on Mg-alloy research and testing, invest over RMB200 million (USD28 . 26 million) into building a 20,000tpa Mg-alloy, 8,000tpa Mg-particle and 1-million-piece Mg-Al alloy auto part project . When all the above investments are paid and projects are built, a leading Mg-alloy material production and deep-processing enterprise covering the full industrial chain will be formed, with an expected annual production value of RMB600 million (USD84 . 77 million) and taxation of RMB50 million (USD7 . 06 million).
According to the agreement, Yunhai Special Metals will invest RMB500 million (USD70.64 million) into the Chongqing Wansheng District new material industry cluster . In particular, it will invest RMB235 million (USD33 . 20 million) into acquiring the 100% stake in Chongqing Bo'ao Magnesium & Aluminum Manufacturing Co . , Ltd . , invest about RMB50 million (USD7 . 06 million) into intelligent upgrading on the plant and building a laboratory on Mg-alloy research and testing, invest over RMB200 million (USD28 . 26 million) into building a 20,000tpa Mg-alloy, 8,000tpa Mg-particle and 1-million-piece Mg-Al alloy auto part project . When all the above investments are paid and projects are built, a leading Mg-alloy material production and deep-processing enterprise covering the full industrial chain will be formed, with an expected annual production value of RMB600 million (USD84 . 77 million) and taxation of RMB50 million (USD7 . 06 million).