In the end of April, China GengSheng Minerals, Inc., which conducts its business through its subsidiary Gengsheng International Corporation (BVI), announced that it has won two fracture proppant supply contracts, the combined value of which is approximately US$3.6 mln. The contracts between GengSheng’s subsidiary, Zhengzhou Duesail Fracture Proppant Co, Ltd and AMSAT International, a U.S. importer with distribution channels in the United States were signed on April 14, 2010 and April 24, 2010, respectively.
By terms of the contracts, Gengsheng already shipped 1,008 metric tons of fracture proppant on or before April 23, and another 8,028 metric tons will be shipped on or before September 1, 2010.
Mr. Shunqing Zhang, Chairman and CEO of GengSheng said in his comments that the active export operation of company’s fracture proppant products will generate a stable revenue for the company. He added that the second production line ensures the capacity of the company to meet the increased demand of the international market.