Qinghai Salt Lake Starts RMB 60 Billion Worth of Magnesium Base

2010-08-02

Qinghai Salt Lake Industry Group recently commenced construction on a large magnesium base in Qinghai Province, and the entire project will cost about RMB 60 billion. 

Upon the completion of the entire construction, the project is expected to generate more than RMB 40 billion in annual output value, through annually produce 400,000 tons of magnesium, 2 million tons of polyvinyl chloride or PVC and 2 million tons of soda ash. 

In the initial stage of the project, the state-owned Shenzhen-listed firm will invest RMB 19.8 billion, and expected to have an annual output of 100,000 tons of magnesium, 500,000 tons of PVC, 1 million tons of soda ash and 100,000 tons of calcium chloride.

Yesterday, the chemical giant announced plans to spend RMB 180 million to set up a subsidiary with a registered capital of RMB 40 million for the large project's construction and operation. 

Qinghai Salt Lake Potash, a China-based company principally engaged in manufacture and distribution of chemical fertilizers, is a major subsidiary of Qinghai Salt Lake Industry Group.