VRX Silica enters into MOU with China Southern Glass

VRX Silica enters into MOU with China Southern Glass

VRX Silica (ASX: VRX) has entered into a memorandum of understanding with CSG Holding Co Ltd (China Southern Glass) to form a strategic alliance in connection with the Company’s Muchea Silica Sand Project, 50km north of Perth.


VRX Silica (ASX: VRX) has entered into a memorandum of understanding with CSG Holding Co Ltd (China Southern Glass or CSG) to form a strategic alliance in connection with the Company’s Muchea Silica Sand Project, 50km north of Perth.

HIGHLIGHTS

·       China Southern Glass is the largest architectural glass manufacturer in China

·       Chinese glassmaking industry is the most dominant in the Asia-Pacific region

·       Strategic alliance objectives include promotion and sale of silica sand products in China and sourcing of capital finance for production facilities

·       Covers the Muchea Silica Sand Project

China Southern Glass is the largest architectural glass manufacturer in the Peoples’ Republic of China (PRC), involved in the manufacture and sale of glass products including float glass, display glass, automotive glass, coated glass, mirrors, colour filter glass, solar glass and conservation glass.

The objectives of the strategic alliance include exploring the potential for marketing, promotion and sale in the PRC of silica sand products from the Muchea Project and potential sources of capital finance for the construction of production facilities at the Muchea Project.

In addition, the parties will consider potential for the development of a high-quality glass manufacturing facility in Western Australia for silica sand products generated from the Muchea Project.

VRX Silica Managing Director Bruce Maluish commented: “The Chinese glassmaking industry is the most dominant in the Asia-Pacific region and China Southern Glass is the largest architectural glass manufacturer in China.

“This strategic alliance further highlights the potential for a significant, World-class silica sand mining operation at Muchea and supports our assessment of increasing silica sand supply constraints in the AsiaPacific region.

“We are excited by the prospect of working with China Southern Glass and exploring opportunities in the Chinese silica sand market.”

“We’ll have a $1 million company... and also a $1 billion company”

“We’ll have a $1 million company... and also a $1 billion company”

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