Asian Activities Report for April 29, 2011: MUI Corporation Limited (ASX:MUI) To Acquire Coal Project Licence In Inner Mongolia
Sydney, April 29, 2011 AEST (ABN Newswire) - MUI Corporation Limited (ASX:MUI) said today that the acquisition of a coal project licence in Inner Mongolia, China is in line with the Company's medium to long-term strategies. The Project licence is located in a proven coal, oil and gas basin and close to existing infrastructure which provides MUI with quick access to high demand coal customers. The Company will perform due diligence and identify possible infrastructure providers.
Nexbis Limited (ASX:NBS) said today that the Company's China joint venture has received notification of accreditation from the Chinese government and can now commence the rollout of its Gas Cylinders Intelligence Marking and Gas Cylinders Safety Monitoring System nationwide. Revenue generation is expected from the sale of these Marking Systems, as well as from ongoing marking of individual gas tanks.
China Magnesium Corporation Limited (ASX:CMC) has commenced production of pure magnesium following the recent upgrade of its existing magnesium ingot production plant in northern China. The commissioning of the Plant has progressed as planned and initial production will be at the rate of approximately 2,000 tonnes per annum of pure magnesium. The existing plant upgrade and first phase expansion continue to proceed ahead of schedule and will gradually increase the production capacity to 20,000 tonnes per annum.
Blackgold International Holdings Limited (ASX:BGG) entered into a Heads Of Agreement to acquire a 100% interest in the Wushan Maojiawang Coal Mine in China for a cash consideration of about AUD$11.67 million. The WuShan Mine has excellent infrastructure and is extremely well located. The Company's production goals for the WuShan Mine over the next three years are 0.2Mt, 0.4Mt and 1.3Mt respectively.