New York, US-based WorldVest Hurricane Resources (aka WorldVest Inc.), an acquisition, development and trading company with emphasis on iron ore, has announced the signing of a joint venture memorandum of understanding which includes an 11-year, $15 billion iron ore sales contract with Chinese state-owned steelmaker Tianjin Metallurgical No.1 Iron & Steel Group (Tianjin Steel).
Tianjin Steel, after completion of the pending consolidation with three other large Tianjin state-owned steel manufacturers, will soon become one of China's largest and increasingly most influential steel manufacturing groups consuming over 60 million mt of iron ore annually. The contract calls for WorldVest Hurricane to deliver to Tianjin Steel a monthly minimum of one million mt of high-grade iron ore for a ten-year period following a one-year production ramp-up period.
The JV will provide support for global iron ore projects starting with WorldVest Hurricane's recently announced Chilean iron ore projects. The partnership intends to include expansion of related infrastructure necessary to increase iron ore production and construction of new port facilities capable of loading 150,000 mt Capesize vessels.