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Oil & Gas

Gulf Resources Agrees to Acquire Crude Salt Field

January 04, 2011
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PRNewswire reports that Gulf Resources, Inc., a manufacturer of bromine, crude salt and specialty chemical products in China, announced that its wholly-owned subsidiary Shouguang City Haoyuan Chemical Company Limited has signed an agreement to acquire a crude salt field from the state operated Shouguang Qingshuibo Farm. Consideration for the crude salt field purchase is RMB73 million (approximately $10.6 million) in cash, of which 50 percent was paid upon the signing of the agreement and the remaining 50 percent will be due within three days thereafter. Upon the closing of the transaction SCHC will acquire approximately 568 acres crude salt field at Qingshuibo Farm. Following the successful closing of the acquisition, the Company expects to start production utilizing the newly purchased field in March 2011.

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