CD International Enterprises Completes The Trial Sale Of 7,000 Metric Tons Of Chilean Iron Ore
DEERFIELD BEACH, Fla., Feb. 4, 2013 /PRNewswire/ -- CD International Enterprises, Inc. ("CD International") (OTCQB: CDII), a U.S. based company that produces, sources, and distributes industrial commodities in China and the Americas and provides business and financial corporate consulting services, today announced the completion of a trial sale of 7,000 metric tons of its Chilean iron ore by its CDII Minerals subsidiary shipped out of the port of Coquimbo Chile.
CDII Minerals arranged for the sale locally with a Chilean company to an ultimate end customer in China. The sale was subject to completion of the loading of the iron ore onto the vessel and inspection which was completed on January 28, 2013. CDII Minerals received 95% of the contract price on February 1, 2013 and will receive the remaining 5% upon the vessel being unloaded in China. This completion of this sale represents the first successful transaction completed by CDII Minerals out of Chile and paves the way for future shipments.
Commenting on the sale, Seth Berkowitz, Vice President of CDII Minerals, stated, "We are pleased to continue to move forward with the resumption of our commodities business in Latin America. Within the last three months, this marks the second transaction we have completed of our own ore and the third transaction overall as we look to build these operations for the future. The completion of these recent sales coupled with our credit facilities provides us with strengthening financial flexibility to help us grow this business and place our company in a position to achieve sustainable growth for the future. As spot market prices have risen significantly in recent months, we see tremendous opportunities for us and we intend to work diligently to capitalize on them."
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