July 26 -- Hubei Xingfa Chemicals Group (600141) plans to invest 57.38 million yuan to build the first phase of a dense-media separation facility with annual capacity of 1.2 million tons and will spend another 498 million yuan to expand its ion-film caustic soda facilities to give them an annual capacity of 300,000 tons, report yicai.com, citing a company filing.

The separation plant will improve Xingfa Group’s phosphorate ore utilization ratio, the report said.

According to the company’s H111 report, its sales revenue and net profit rose 54.3 percent and 22.53 percent to 3.27 billion yuan and 113 million yuan, respectively. The profit growth was attributed to rising phosphorate ore prices.