CD International Enterprises Inc. (NASDAQ:CDII) announced that it has acquired 100 percent of Golden Trust Magnesium Industry Co., Ltd. and 80 percent of Lingshi Xinghai Magnesium Industry Co., Ltd. following a shareholder meeting on February 29.

As quoted in the press release:

Golden Trust and Lingshi Magnesium are both engaged in the production of pure magnesium ingots. CD International adds approximately 20,000 metric tons of annual production capacity from Golden Trust and 12,000 metric tons of annual production capacity from Lingshi Magnesium, bringing our total magnesium production capacity to approximately 90,000 metric tons, making us one of the largest magnesium producers in the world.

Dr. James Wang, Chairman and CEO of CD International, commented:

We are pleased that our shareholders have overwhelmingly voted to allow us to complete the acquisitions as well as our new corporate name to reflect our business direction. With the addition of Golden Trust and Lingshi Magnesium, we expect to benefit from a more streamlined organization, improving our overall cost structure and positioning our company to become the industry leader in pure magnesium production and distribution.

Click here to read the full CD International Enterprises Inc. (NASDAQ:CDII) press release.