PMC has agreed to provide 30,000 to 35,000 metric tons of iron ore on a monthly basis over a three-year period. The ore will be transported and loaded via the port of Pisco, located in Peru’s central region for ultimate bulk shipping to China. Both parties anticipate commencing shipments in late December 2013. CDII Peru has contracted Sea Brokers Peru as their exclusive shipbroker for all shipping services related to this agreement.
CDII Peru recently received delivery of approximately 2,000 tons of iron ore for inspection testing at its patio near the Pisco Port. The iron ore was inspected by COTECNA del Ecuador, S.A., a highly regarded international inspection agency. The inspection results indicate the iron ore meets all requirements including the hematite content for CDII Peru’s Chinese buyers. This contract represents another step forward in CD International’s plans to focus more of its efforts and resources on furthering its minerals sourcing and distribution business in Peru, Bolivia, and Chile for ultimate delivery into China.
Commenting on this agreement, Dr. James Wang, CEO of CD International, stated, “After a number of years of hard work in establishing our operations in South America we are now beginning to see the rewards. We are very pleased to enter into this supply agreement as it furthers our ability to exploit our expertise in working with end buyers in China to meet their demand for South American minerals. We have seen a recent resurgence in China’s demand for iron ore in recent months as reflected by rising spot market prices. We intend to work diligently to establish additional relationship in Peru to further expand our sourcing capabilities in the region in the coming months. Upon commencement of delivery, we anticipate this supply agreement has the potential to bring significant revenue and cash flow to CD International for years to come.”
For more information, visit www.CDII.net
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