This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
DEERFIELD BEACH, Fla.,
Feb. 25, 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 that its wholly owned subsidiary, CDII Minerals, has entered into a framework agreement with Minera MAPSA S.A.("MAPSA"), a Peruvian mining and exploration company, to establish a joint venture to explore iron ore mining, distribution and production facilities opportunities in
Peru. The companies will hold a joint press conference to discuss their plans on
February 28, 2013 at
10:00 AM at the Swissotel in
Under the terms of the framework agreement the joint venture will focus on the distribution and further exploration of MAPSA's mining concessions in southern
Peru as well as the further distribution of iron ore from third party mining concessions. The two companies will each own 50% of the joint venture whereby profits derived through these efforts in
Peru will be shared. In addition, the joint venture will seek to partner with other entities to secure financing for its operations and to construct a Pig Iron processing plant with an expected annual capacity of 500,000 metric tons near MAPSA's Sama mining concession in Peru. CD International has entered into early stage talks with potential investment partners in
China for these opportunities.
Commenting on the announcement, Mr.
Ross Friedman, Vice President of CDII Minerals, stated, "We are excited to partner with MAPSA in
Peru to help them distribute iron ore and further explore the potential of their mining concessions in Peru. As CDII Minerals continues to build momentum in
Latin America, this joint venture gives CD International the ability to leverage on its relationships and expertise in
China to potentially expand into pig iron processing. With large Chinese steel companies and other industrial businesses looking to build a footprint in
Latin America, our companies are well positioned to capitalize on this unique opportunity. We intend to work quickly to build a strong mineral distribution business with MAPSA and exploit every aspect of these potentially lucrative opportunities as we continue to expand our efforts in
Parties interested in obtaining more information about the press conference should contact Mr.
Ross Friedman, Vice President of CDII Minerals in
Peru at 51998389882 or email at
About CD International Enterprises, Inc.