Armco & Metwise, a subsidiary of China Armco Metals Inc. (CNAM), has entered into a contract to purchase 749,000 metric tons of Brazilian manganese ore fines over the next 16 months. The deal could result in sales of up to $180 million over the contract period.
"Securing this contract is a significant step forward for our company's metals distribution operation as we move through 2010. With the ability to sell this product into China under favorable terms we have significantly strengthened our overall supply capabilities,” says Kexuan Yao, CEO and chairman of CNAM.
“Upon successful delivery over the term of the contract, we are in a position to significantly boost our top and bottom line performance for the remainder of 2010 and well into 2011. We look forward to building on our relationships with this and other international suppliers in the coming months as we continue to see a strong environment for industrial metals in China," Yao adds.
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