China GengSheng Minerals, Inc. (CHGS) Reports Minority Purchase
China GengSheng Minerals, Inc. reported that it has purchased a minority position in an industrial company located in China. China GengSheng Minerals, Inc. agreed to purchase a 24.5% owner ship stake in Yili Yiqiang Silicon Company for approximately $2.3 million. The company is a leading manufacturer of green silicon carbide, which is used as a raw material in the manufacturing of abrasive products sold by China GengSheng Minerals, Inc. The Yili Yiqiang Silicon Company is located in Xinjiang Province, and reported reserves of six million tons of green silicon carbide. The company currently has the ability to produce 16,000 metric…