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China Armco Metals, Inc. (NYSE Amex: CNAM) reported that Armco & Metawise (H.K.), Ltd., the Company’s wholly owned subsidiary, has entered into a contract to purchase 749,000 metric tons of Brazilian manganese ore fines over the next 16 months which could result in sales of up to $180 million over the contract period based on current market prices for manganese ore of this type.
China Armco Metals, Inc. (NYSE Amex: CNAM) reported that Armco & Metawise (H.K.), Ltd., the Company’s wholly owned subsidiary, has entered into a contract to purchase 749,000 metric tons of Brazilian manganese ore fines over the next 16 months which could result in sales of up to $180 million over the contract period based on current market prices for manganese ore of this type.
The press release is quoted as saying:
China Armco Metals, Inc. (NYSE Amex: CNAM) is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and has entered the recycling business with the Company’s acquisition of 22 acres of land for the construction and operation of a one million ton per year shredder and recycler of metals. The Company maintains customers throughout China which include the fastest growing steel producing mills and foundries in the PRC.
Click here to access the entire press release