Baowu Magnesium Technology, formerly known as Nanjing Yunhai Special Metals, has taken a significant step by placing a substantial bid of 1.17 billion yuan for the acquisition of a dolomite mine. This strategic move was carried out through the company’s subsidiary, Wutai Yunhai Magnesium, as disclosed on Friday.
The dolomite mine in question is situated in Dapu Village, Dongye Town, Wutai County, Shanxi Province, China. It boasts substantial mineral reserves, including 345.2 million tons of dolomite intended for magnesium smelting, 122.5 million tons of refractory dolomite, and 111.3 million tons of dolomite suitable for construction purposes.
The auction for this valuable asset is designed to be awarded to the highest bidder, following registrations that were accepted until Thursday, November 2nd, with the auction event scheduled for Friday, November 3rd.
The market has shown a positive response to this development, with shares of Baowu Magnesium Technology experiencing a remarkable surge of more than 6% in recent trading. This move underscores the company’s strategic commitment to enhancing its portfolio and expanding its presence in the magnesium and related minerals industry.