China Ming Yang (MY) Gains on Ganzhou Agreement

June 15, 2011 9:57 AM EDT
China Ming Yang Wind Power Group Limited (NYSE: MY) stock is ripping this morning, following reports that the Ganzhou government will give priority to provide rare earth resources to Ming Yang, grant Ming Yang exclusive rights to operate wind farms in Ganzhou, and give priority use to Ming Yang's wind turbines in Jiangxi province.

The framework agreement also gives Ming Yang the right to invest, as the promoter, in Ganzhou Rare Earth Mineral Industry Group.

Ming Yang shares are up 8.4 percent on the news today.

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