Gulf Resources (NASDAQ:GURE) +11.6% pre-market Wednesday after agreeing to acquire 1,270 acres of crude salt fields in China in a series of deals totaling more than 280M renminbi (~$38.6M) in cash and stock.
Gulf Resources (GURE) said the acquisition of the crude salt fields may enable it to open bromine factories #2 and #10, and said it will be able to drill more wells and achieve a higher level of utilization.
The company estimates needing 6-9 months to prepare for the opening of the two factories, as it builds out the salt pans and drill new wells; production is expected to begin in H1 2025.