China Direct Industries Completes Delivery of Initial Shipment of Iron Ore From Mexico to China

China Direct Industries, Inc. (NASDAQ: CDII), a U.S. based holding company with operations in China and the U.S. reprots it completed a delivery of 15,000 metric tons of iron ore from its Mexican supplier to a major European industrial trading company for the China market.

The press release is quoted as saying,

China Direct Industries launched its U.S. based international trading operations in July of 2009 in an effort to capitalize on its business relationships in China as well as to further diversify its revenue base. Over the past year CDII Trading has entered into iron ore supply agreements in Mexico, Chile and Bolivia for delivery into China. After completion of the delivery from Mexico, management expects to begin recurring shipments of iron ore from Mexico and begin shipments from Chile and Bolivia into China sometime in the third quarter as it works to finalize logistical, production and financing arrangements with its suppliers.

For the complete press release, click here.