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|      |   | Name                                                                                                                               |   | Country      of Incorporation |
|-----------|--------|------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|
| 1.   |   | China      Direct Investments, Inc., a wholly owned subsidiary of China Direct,      Inc.;                                         |   | USA      - Florida            |
| 2.   |   | CDI      China, Inc., a wholly owned subsidiary of China Direct,    Inc.;                                                          |   | USA      - Florida            |
| 3.   |   | CDI      Shanghai Management Co., Ltd., a wholly owned subsidiary of CDI China,      Inc.;                                         |   | China                         |
| 4.   |   | Capital      One Resource Co., Ltd., a wholly owned subsidiary of CDI Shanghai      Management Co., Ltd.;                          |   | Brunei                        |
| 5.   |   | Shanghai      Lang Chemical Co., Ltd. a 51% majority owned subsidiary of CDI China,      Inc.;                                     |   | China                         |
| 6.   |   | Taiyuan      Changxin Magnesium Co., Ltd., a 51% majority owned subsidiary of CDI      China, Inc.;                                |   | China                         |
| 7.   |   | Taiyuan      Changxin YiWei Trading Co., Ltd., a wholly owned subsidiary of Taiyuan      Chang Magnesium Co., Ltd.;                |   | China                         |
| 8.   |   | Excel      Rise Technology Co., Ltd., a Brunei company and a wholly owned subsidiary      of Taiyuan Changxin Magnesium Co., Ltd.; |   | Brunei                        |
| 9.   |   | CDI      Magnesium Co., Ltd., a 51% majority owned subsidiary of CDI China,      Inc.;                                             |   | Brunei                        |
| 10.  |   | Asia      Magnesium Co. Ltd., a wholly owned subsidiary of Capital One Resource      Co., Ltd.;                               |   | Hong      Kong                |
| 11.  |   | Shanxi      Gu County Golden Magnesium Co., Ltd., a 52% majority owned subsidiary of      Asia Magnesium Co., Ltd.;           |   | China                         |
| 12.  |   | Pan      Asia Magnesium Co., Ltd., a 51% majority owned subsidiary of CDI China,      Inc.;                                        |   | China                         |
| 13.  |   | Baotou      Changxin Magnesium Co., Ltd., a 51% majority owned subsidiary of CDI      China, Inc.                                  |   | China                         |
| 14.  |   | CDI      Jingkun Zinc Industry Co., Ltd., a 95% majority owned subsidiary of CDI      Shanghai Management,;                        |   | China                         |
| 15.  |   | CDI      Jixiang Metal Co., Ltd., a wholly owned subsidiary of CDI China,      Inc.;                                               |   | China                         |
| 16.  |   | Shanghai      CDI Metal Recycling Co., Ltd., an 83% majority owned subsidiary of CDI      Shanghai Management Co., Ltd.;           |   | China                         |
| 17.  |   | CDI      (Beijing) International Trade Co., Ltd., a 51% majority owned subsidiary      of CDI Shanghai Management Co., Ltd.;       |   | China                         |