CD International Enterprises, Inc. (‘CD International, or the Company’) (OTC: CDII), a U.S.-based company that sources industrial commodities and provides business and management corporate consulting services, announced that CD International has entered into a letter of intent with a Honduras-based company to purchase iron ore (62% to 63% Fe).
Per the letter of intent, CD International agrees to purchase 100,000 metric tons of iron ore (62% to 63% Fe) per month over a period of 12 months. The total shipment over a period of 12 months will be 1.2 million metric tons of iron ore. The monthly supply can be increased to 500,000 metric tons per month or 6 million metric tons of iron ore per year. The initial 12 months contract of 1.2 million metric tons of iron ore values approximately $84 million on basis of the current CIF China price.
According to Chinese customs data, China’s imports of iron ore rose 7.5 percent to a record 1.024 billion tons in 2016. The total topped the 2015 record of 952.84 million tons. China’s 2017 March iron ore imports rose 11 percent from the same month a year earlier to the second-highest monthly amount on record as the world’s second-biggest economy ramped up a drive for cheap overseas supply as the cost of domestic output grew. Imports in March were 95.56 million tons, according to data from the General Administration of Customs.
Dr. James Wang, Chairman and CEO of CD International commented on the letter of intent, “We are pleased to enter this letter of intent, as we have been proactively sourcing iron ore supply for our Chinese clients. This newly sourced supply could provide us a stable supply of iron ore for our clients in China. Under our new mineral trading model, we believe we can create a profit center while we limit exposure of our capital to market risk. Imported iron ore to China will continue at the levels we are seeing now, or perhaps even grow as we go forward. We actively pursue new mineral suppliers for our clients in China in both South and North America. As we move forward, we believe we are well positioned to take advantage of increasing demand of iron ore by China in years to come.”
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