Reto Eco-Solutions Inc. (NASDAQ: RETO) stock gained by 12.82% at last close whereas the RETO stock-price fell by 5.3% in the after-hour session. ReTo was founded in 1999 with the goal of bringing clean water and healthy soil to communities all over the world through its unique technology, systems, and solutions.
What is happening?
ReTo Eco-Solutions has launched a new iron tailings venture in Hainan Province with a three-million-ton treatment capacity that is projected to generate RMB 280 million in annual sales once operational.
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ReTo will design, construct, and operate a plant in Hainan Province, with this newest project handling the province’s highest volume of iron tailings. The local government chose ReTo because of its patented technology, capacity to execute and manage secondary iron tailings sorting, iron ore selection and usage, and experience in recycling and processing the residual ore into ecologically acceptable construction materials. The Project is expected to create a gross profit of RMB 131 million (about US$20.4 million) for RETO.
For production, RETO uses the world’s most sophisticated, stable, and dependable technologies, including three-stage crushing, two-stage screening, sand manufacturing, and beneficiation. The remainder of RETO’s production can be utilized as an aggregate in the manufacture of construction materials.
Mr. Hengfang Li, ReTo’s Chairman and CEO, commented:
As they work to expand on their business momentum from 2020, this is a fantastic way for them to start 2021. For the past 10 years, RETO has been a pioneer in Hainan’s ecological and environmental protection business. The completion of this newest project will contribute to their great reputation and successful track record in the region. They will provide a complete recycling, capture, and reuse system that will help reduce the negative effects of the current waste problem while also assisting in the recovery of precious iron resources that would otherwise be lost for reuse.