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China Gengsheng Minerals Inc. is in the StockGuru Spotlight for July 9, 2009

Post Time:Jul 10,2009Classify:Company NewsView:258

StockGuru announces that China Gengsheng Minerals Inc. (OTCBB: CHGS | Quote | Chart | News | PowerRating) is in the StockGuru Spotlight. China Gengsheng Minerals, Inc. ('Gengsheng') develops, manufactures and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics and fracture proppants. A market leader offering customized solutions, Gengsheng sells its products primarily to the iron-and-steel industry as heat-resistant components for steel-making furnaces, industrial kilns and other high-temperature vessels to guarantee and improve the productivity of those expensive pieces of equipment while reducing their consumption of energy. Founded in 1986 and based in China's Henan province, Gengsheng currently has over 200 customers in the iron, steel, oil, glass, cement, aluminum and chemical businesses located in China and in 11 other countries. Gengsheng conducts business through Gengsheng International Corporation, a British Virgin Islands company, and its Chinese subsidiaries, which are Henan Gengsheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd. and Henan Gengsheng High Temperature Materials Co., Ltd.

On Wednesday, the company put out news announcing that it has won a supply contract for fracture proppant products with Liaohe Oilfield, a subsidiary of China National Petroleum Corporation (CNPC). The total value of the contract is $3 million. Pursuant to the contract, Gengsheng is to start shipping fracture proppants for Liaohe Oilfield's Changqing Project in Inner Mongolia immediately. The duration of the contract is until December 30, 2009. Fracture proppants are light, bauxite-based, grain-like materials that have a round and smooth surface and a quality of resisting high pressure and acid corrosion. They are used by oil and gas drillers to extract pockets of oil and natural gas scattered underground.

Source: http://www.tradingmarkets.comAuthor: shangyi

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