Gengsheng Minerals
China Gengsheng Minerals Inc (OTC:CHGS), a manufacturer of industrial materials capable of withstanding high temperatures, and energy saving materials,
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Gengsheng wins RMB2.3m subsidy from Henan government to support new solar line
China Gengsheng Minerals (OTC:CHGS) has received a RMB2.3m ($337,000) from the Henan Provincial Government in subsidy for the development and commercialization of Gengsheng's new product line, the fine precision abrasives.
The abrasives are ultra-fine grains of silicon carbide, white fused alumina, and blend materials used in the cutting and polishing of optical equipment, semiconductors, and fine metal surfaces to improve finish quality. Gengsheng uses its patented technology to focus on producing lapping abrasives and polishing compounds for the processing of silicon wafers among Chinese solar cell manufacturers, who at the moment import such abrasive products from Japan and France.
To compete successfully with import materials, Gengsheng will secure sources of raw materials in Xinjiang Uygur Autonomous Region to achieve low-cost advantage, along with its own proprietary technology to improve manufacturing efficiency.
Gengsheng's abrasive production facilities, which are located in Gongyi City, Henan Province, have an annual capacity of 20,000 tons.
"Our solar industry-targeted abrasives have now been officially recognized as a high and new technology industrial product by the Henan Provincial Government and will continue to receive government support including further subsidies and low-interest loans," said Mr. Shunqing Zhang, Chairman and CEO of Gengsheng."
Gengsheng last year signed its first sales contract for the abrasives with a Taiwan-based customer. The term of the contract is five years, with 300-500 tons of the product delivered each month. The value of the contract was not disclosed.
Other Gengsheng Minerals news
- China GengSheng Minerals' shares drop as Q4 results disappoint
2011-04-01 - Gengsheng starts production of fine precision abrasives
2009-07-31 - Gengsheng sales up, but profits down on higher material costs
2009-04-02
