Business
Gulf Resources Updates Investors on the Construction of Its New Yuxin Chemical Factory
SHOUGUANG, China, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) ("Gulf Resources" or the "Company"), a leading manufacturer of
About this update from Gulf Resources, Inc.
[{"type":"text","content":"SHOUGUANG, China, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Gulf Resources, Inc. (Nasdaq: GURE) (\"Gulf Resources\" or the \"Company\"), a leading manufacturer of bromine, crude salt and specialty chemical products in China today updated investors on the construction of its new Yuxin Chemical Factory. As Gulf has previously announced, the construction of this factory has been delayed due to supply chain disruption as well as COVID protocols in China. While delays are continuing and COVID restrictions are still in place, the Company believes it is making progress on the construction of this factory. The Company has posted photographs on its website, (http://www.gulfresourcesinc.com) showing the most recent progress in the construction on its factory site as well as the delivery of some equipment including water jet vacuum, screw vacuum, and closed water ring vacuum equipment. The Company is expecting the delivery of the rest of equipment including sewage and waste gas treatment equipment. After all equipment is delivered, the Company expects to be able to install the equipment and complete construction. After all equipment has been delivered, installed and complete the construction, the Company expects to obtain government approvals including safety and environmental protection approval and thereafter to start equipment testing, and trial production. The Company expects to take additional 6 to 8 months to complete the process. Gulf Resources may continue to update its investors on the progress of the Yuxin chemical factory. About Gulf Resources, Inc.Gulf Resources, Inc. operates through four wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited (\"SCHC\"), ShouguangYuxin Chemical Industry Co., Limited (\"SYCI\"), Daying County Haoyuan Chemical Company Limited (“DCHC”) and Shouguang Hengde Salt Industry Co. Ltd. (“SHSI”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. Through SHSI, the Company manufactures and sell crude salt. DCHC was established to further explor...