Benzinga | Jun 23, 2021 07:34AM EDT

ReTo Eco-Solutions Announces $43.7M Project To Conduct Annual Iron Ore Tailings Treatment

ReTo Eco-Solutions, Inc. (NASDAQ:RETO) ("ReTo" or the "Company"), a provider of technology solutions for the improvement of ecological environments, today announced a new iron tailings project (the "Project") in the Hainan Province with a three-million-ton treatment capacity, which is expectedto yield approximately RMB 280 million (approximately US$43.7 million) annual sales after reaching production. .

ReTo will design, build and manage a facility in the Hainan Province and this latest project will be responsible for the largest volume of iron tailings in Hainan. ReTo was selected by the local government based on its patented technology, ability to implement and manage secondary sorting of iron tailings, selection and use of iron ore, and expertise in recycling the remaining ore and processing it into environmentally friendly building materials. The Company expects to generate RMB 131 million (approximately US$20.4 million) of gross profit from the Project.



The Company adopts the world's most advanced, mature and reliable technologies for production by adopting various systems such as three-stage crushing, two-stage screening, sand making and beneficiation. The remaining material from the Company's production can also be used as an aggregate to produce building materials.

Iron ore tailings, one of the most common solid wastes in the world, are a byproduct of the beneficiation process of iron ore concentrate. The volume of this type of waste has accelerated in China in recent years due to its rapid economical growth, and expansion in iron and steel industries. The high volume of waste generated creates a significant environmental and economic cost due to its massive land occupation and ecological damage, which result in safety hazard. Therefore, there is a greater need than ever for effective waste management systems and solutions.

Mr. Hengfang Li, ReTo's Chairman and Chief Executive Officer, said, "This is a great way for us to start 2021 as we continue to build on our business momentum from 2020. We have been a leader in Hainan's ecological and environmental protection industry for the past ten years. The construction of this latest project will help us build excellent reputation and improve track-record of success in the region. We will be providing a comprehensive recycling, capture and reuse solution, which will help mitigate the damaging effect of the existing waste problem, while at the same time helping to recover for reuse valuable iron resources that would otherwise be lost. There is also great significance to this project as it will showcase our one-stop, comprehensive solid waste utilization and ecological management strategy, while putting into practice our philosophy of using science and technology to restore ecology, as we strive to make the daily living environment more beautiful for Hainan's residents."