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ReTo Eco-Solutions Completes Basic Engineering Design and Construction of Three-Million-Ton Iron Tailings Project
BEIJING, Aug. 18, 2021 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (NASDAQ: RETO) ("ReTo" or the "Company"), a provider of technology solutions for the
About this update from Reto Eco-solutions, Inc.
[{"type":"text","content":"BEIJING, Aug. 18, 2021 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (NASDAQ: RETO) (\"ReTo\" or the \"Company\"), a provider of technology solutions for the improvement of ecological environments, today announced that the Company, through its wholly owned subsidiary ReTo Mingsheng (Changjiang) Environmental Building Materials Co., Ltd., has entered comprehensive construction stage of a new iron tailings project (the \"Project\") in the Hainan Province. In an effort to recycle reusable solid waste, the Project carries a three-million-ton treatment capacity, in which the resulting product is expected to yield approximately RMB 280 million (approximately US$43.7 million) annual sales when production completes. \nThe design team, supervision team and construction team are currently stationing at the construction site and part of the Project has already been successfully completed. Specifically, as of the end of June 2021, the basic engineering design and construction of the factory building has been completed, including the leveling of the workshop area, the excavation of the workshop foundation, and the pouring of the foundation beams. The next stage will be to start the construction of the factory building and ground equipment foundation. The construction is expected to be completed by the end of September or early October this year.\nAs previously disclosed in press release on June 23, 2021, ReTo will design, build and manage a facility in the Hainan Province and this latest project will carry out the largest volume of iron tailings in Hainan. ReTo was selected by the local government because of its patented technology that enables the implementation and management of iron tailings secondary sorting, selection and use of iron ore, as well as its expertise in recycling the remaining ore and processing it into environmentally friendly building materials. The Company expects to generate RMB131 million (approximately US$20.4 million) of gross profit from the Project.\nMr. Hengfang Li, ReTo's Chairman and Chief Executive Officer, commented, \"We have been in the leader in the eco-environmental protection industry in the past decade, and the establishment and implementation of the Project has further improved our reputation in the industry tremendously. We will provide comprehensive recycling and reuse solutions to reduce destruction cause...