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China Magnesium to sell Pingyao magnesium plant stake to fund new acquisitions

China Magnesium Corp. Ltd. said Aug. 6 that it agreed to sell its 91.25% interest in Shanxi Yushun Magnesium Corp., owner of a magnesium plant in Pingyao, China, for 1 million Chinese yuan, or about A$212,000, to pay creditors, fund due diligence for potential acquisitions and provide general working capital.

China Magnesium has a 21.43% interest in Sovran White (Shandong) International Logistics Co. Ltd., which has contracts with agricultural group Yiyuan County Growers Cooperative in Shandong province.

In July, China Magnesium said it is exploring alternative uses of its Pingyao magnesium plant, which was suspended due to changes in Chinese environmental regulations concerning emissions standards.

As of Aug. 5, US$1 was equivalent to 7.05 Chinese yuan.