Gengsheng Minerals inks pact with Chinalco Gongyi

China Gengsheng Minerals Inc, a materials technology company in China with products capable of withstanding high temperature, saving energy and boosting productivity in certain industries such as steel and oil announced that it has formed a supply partnership for bauxite with Aluminum Corporation of China's Gongyi Division which produces bauxite from a mine it owns in Gongyi City of Henan Province.

According to the release the bauxite mine has an estimated reserve of 12 million tonnes, with an average alumina grade of over 70%, and an estimated life of 25 to 30 years. Under the partnership, Chinalco Gongyi will ensure the annual supply of 150,000 to 250,000 tonnes of bauxite, with an average alumina grade of no less than 75%, to Gengsheng as raw materials for refractory and fracture proppant products. Gengsheng will pay a slightly-below-market price for Chinalco Gongyi's bauxite.

Mr Shunqing Zhang Chairman & CEO of the Company said "This long term strategic supply partnership is meant to ensure the stability of our raw material source for the foreseeable future. Chinalco's bauxite mine is about 15 kilometers from our manufacturing facilities in Gongyi and we are very pleased to secure a favorable price for their products. In light of the tumultuous commodity prices over last year, we see this partnership as a strong positive for the long-term sustainability and growth of Gengsheng."

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