Hurricane Global Resource Corporation Monday announced that it has secured its first iron ore purchase contract from a prominent Chinese commodities import and trading company. Through this contract, it has been agreed that up to 12 million tons of iron ore will be purchased annually from Hurricane. The annual current market value of this contract is $1.4 billion USD.
Hurricane is an acquisition, development and trading company making strategic worldwide commodities related investments with an emphasis on iron ore properties and reserve assets in Latin America.
The first monthly shipment of 70,000 tons is scheduled to occur within a period of 45 days, with monthly volumes increasing to 150,000 tons in the third month and 300,000 tons by the eighth month. The contract calls for a total first year delivery volume of 2,390,000 tons at a value of $286,800,000.
"We are extremely excited to mark this pivotal moment in the rapid growth of Hurricane," said Hurricane Senior Managing Director and WorldVest CEO, Garrett K. Krause. "We firmly believe that this contract is the first of many to be executed in the coming year."