Gulf Resources announces its flood prevention plan

Gulf Resources announced that it has recently initiated its preventive measures for safeguarding its bromine facilities. To mitigate damages in the future, the Company has commenced a flood prevention initiative. The strategy involves the renovation of the channels of four major rivers within our mining area, encompassing the tributary of the Mihe River. The aim is to prevent flooding that could harm the wells, aqueducts and crude salt pans at our plant. The projected expenditure for this initiative amounts to $50,497,652. As of the third quarter, ending on September 30, 2023, the disbursed $15,149,296 for the initial phase of this project. Apart from reducing risk to surrounding regions, the company anticipates three notable advantages from this flood prevention plan. It is expected to: enhance the probability of obtaining approval to reopen factories #2 and #10; enable the drilling of additional wells across five operating factories, and mitigate the risks and associated expenses related to future storms-induced flooding.