PINGDINGSHAN, China--(BUSINESS WIRE)--Yulong Eco-Materials Limited (NasdaqCM:YECO), an eco-friendly building products and construction waste recycling company, today said it has received authorization to process and recycle construction waste in two additional administrative villages in the Zheng Dong New District of Zhengzhou City.
As per the authorization, received from the District’s Municipal Construction Office, Yulong will initially recycle 343,800 cubic meters of construction waste in Duqiao Village and 263,000 cubic meters of construction waste in Dachen Village. For this work Yulong will receive 15RMB (about $2.35) per cubic meter of construction waste processed, or more than $1.4 million.
Yulong will be required to complete these initial activities by March 17, 2016 but will likely receive further recycling assignments in both Duqiao and Dachen as the two villages continue their demolition processes.
As with all villages Yulong services in the District, the company shall also have the right to sell its processed waste to local construction companies as recycled raw materials.
Today’s announcement follows Yulong’s agreement signed last month with the District’s Municipal Construction Office to provide processing and recycling activities in the District, whose 28 villages are expected by the Office to produce more than 15 million cubic meters of construction waste over the next four years.
Yulong’s first assignment from this agreement is currently progressing in the District’s Gaozhuang Village, where the company is expected to generate about $1.4 million in revenue upon the project’s completion next month.
To date, Yulong is the only company appointed to process construction waste in the District.
Commenting on Yulong’s assignment to begin work in the two new villages, chief executive Mr. Yulong Zhu said he was “extremely pleased” with the company’s progress and believes Yulong will likely be assigned three additional District villages -- a total of six -- by the end of next June, when the company’s 2016 fiscal year ends.
About Yulong Eco-Materials
Yulong is a vertically integrated manufacturer of eco-friendly building products and a construction waste recycling company located in the city of Pingdingshan in Henan Province, China. The Company is currently Pingdingshan’s leading producer of fly-ash bricks and concrete as well as its exclusive provider of waste management services.
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