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BRIEF-Gulf Resources says closing certain factories to meet new environmental rules in China
September 7, 2017 / 3:08 PM / 17 days ago

BRIEF-Gulf Resources says closing certain factories to meet new environmental rules in China

Sept 7 (Reuters) - Gulf Resources Inc:

* Gulf Resources announces the closing of its bromine, crude salt and chemical factories for rectification and improvement in order to meet the new environmental rules in China

* While there is no way of knowing how much all of steps relating to closure will cost, co believes it could be between $15 and $30 million​

* On Sept 1, got letters which stated that to improve safety of chemical enterprises, plants are requested to stop production

* Local government requested that facilities be closed, so that facilities can undergo inspection and analysis​

* Letters stated that plants to perform rectification, improvements in line with China’s new safety, environmental protection requirements​

* Over short term, prices of commodities to increase as there are temporary shortages

* At this time, co does not know timing of further inspections/cost of remediation, improvement, nor how long factories will be closed​ Source text for Eikon: Further company coverage:

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