New York, US-based iron ore mining company WorldVest, Inc, which does business as Iron Mining Group, S.A (IMG), has announced that it has completed the acquisition of Chile-based iron ore miner Chile Inversiones de Minerales, Ltda (CIM).
IMG has said that CIM will serve as an operating subsidiary to IMG, allowing IMG the ability to consolidate various iron ore mining opportunities along with complementary port and logistics infrastructure in Chile.
As SteelOrbis previously reported, it is projected that by the fourth quarter of this year CIM will begin mining iron ore from several of its mineral concessions, allowing for regular monthly deliveries against its existing contracts with Chinese steel groups and creating immediate consolidated revenue for IMG. The newly acquired company will start implementing a profound growth plan.