Hanfeng help establish national standard for slow release fertilizer

Tag : coated urea


Hanfeng has now been selected twice to help establish the nationalstandard for a slow release fertilizer in China.

Urea formaldehyde's slow release properties are produced by thechemical reaction between urea and formaldehyde, rather than usinga coating material, which allows it be produced in smaller sizesand with more precise releasing periods.

"We are very pleased to be asked to work on a national level onceagain to establish a fertilizer standard in China," stated XinduoYu, president and CEO of Hanfeng.

Hanfeng recently announced that it plans to build and operate newslow release fertilizer plants in China and Indonesia.

One deal is for a 100,000 tonne-per-year polymer-coated ureaproduction facility in Shandong province in eastern China and theother for a similar 200,000 tonne-per-year plant in Indonesia.

At the end of the first quarter in March this year, Hanfeng said ithad cash and cash equivalents of $19.5 million and working capitalof $101 million.

During the first quarter, it increased its sales by 131 per centfrom a year earlier to $55.8 million from $24.2 million.

On the TSX on Thursday, Hanfeng shares, up from around $2 fiveyears ago, were trading at $11.70, down 10 cents from the previousclose.