logo-loader

Migao starts 50-50 JV with Russia's EuroChem; Shares jump

Last updated: 09:13 28 Nov 2013 EST, First published: 10:13 28 Nov 2013 EST

no_picture_pai

Migao Corp. (TSE:MGO), which produces fertilizer in China, rose to the highest in more than three months after announcing establishment of a joint venture with EuroChem, Russia's largest mineral fertilzer producer.

Migao advanced 14 percent to C$1.25, the highest intraday price since Aug. 20, at 9:49 a.m. in Toronto. 

EuroChem and Migao will each own 50 percent of the Hong Kong-based EuroChem Migao joint venture, the two companies said in a statement today.

The joint venture will produce up to 60,000 tonnes of potassium nitrate and up to 200,000 tonnes of chloride-free complex fertilizers per annum in Yunnan, a province in southern China.

In the context of the EuroChem Migao joint venture, a fertilizer production facility is currently being constructed in Luliang, Yunnan. 

A first 100,000 tonnes per annum chloride-free complex fertilizers production unit is expected to be launched as early as December 2013 with a 60,000 tonnes per annum potassium nitrate production unit and a second 100,000 tonnes per annum chloride-free complex fertilizers line expected to follow next year.

 

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

1 hour, 56 minutes ago