China GengSheng Minerals Acquires Minority Interest in Yili Yiqiang Silicon Company for $2.3M

China GengSheng Minerals, Inc. CHGS today announced that it has signed an agreement to acquire 24.5% ownership in the Yili Yiqiang Silicon Company for RMB 15 million (approximately US$2.3 million). Yili Yiqiang is a manufacturer of green silicon carbide, which is the primary material used in the production of GengSheng's fine precision abrasive products.