China Armco Metals update

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.

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Click here to access China Armco Metals Corporate Site