Industrial commodities business CD International Enterprises today reports that CDII Minerales Peru SAC (“CDII Peru”) has entered into a three-year agreement with GRAMCE MINERALS RESOURCES SUR PERU SAC (“GRAMCE”) for GRAMCE to supply a total of up to 1.28 million metric tons of iron ore to CDII Peru for ultimate distribution into China. CDII Peru is a jointly owned subsidiary of CDI International and Minera Mapsa S.A. (“MAPSA”).
Upon completion of the multi-year agreement, MAPSA President Fernando Bayona Pelaez has agreed to acquire a 50 percent equity interest in GRAMCE to increase its production.
GRAMCE’s current operations located throughout the central and southern regions of Peru, focus on the regions of Moquegua, Puno, Arequipa, Ica and Apurimac.
“We are excited to have reached this agreement with GRAMCE as well as to have our partners at MAPSA take an active role in working to increase their production capacity,” Ross Friedman, vice president of CDII Minerals stated in the news release. “We are confident this will help to maximize potential revenues for CDII Peru as we seek to exploit the vast potential of the iron ore market in China.”
Friedman continued that that the agreement validates the joint venture’s position as a “serious force” in Peru in its quest to become a leading producer of iron and work to establish a stable long-term supply of iron ore sourced from Peru and distributed to customers in China.
Carmen Aramayo, general manager of GRAMCE, echoed the sentiment of emerging as a top iron ore producer in Peru.
“We are very excited to work with CDII Peru,” said Aramayo. “With their support we can achieve our goal to become a capable exporter and producer of iron ore who can supply consistent quantities on a monthly basis. The partnership will create a win-win situation for both companies to become one of the major iron ore suppliers in Peru for years to come.”
For more information, visit http://www.cdii.net
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