Canadian iron ore producer Adriana Resources Inc. (Adriana) has announced that together with ArcelorMittal it has agreed to extend the deadline for a definitive agreement on the construction of a port facility in Sepetiba Bay in Rio de Janerio state, Brazil, from January 9 to April 22, 2009.
Commenting of the deadline extension, president and CEO of Adriana, Michael Beley, stated, "Adriana continues to focus on obtaining a construction permit to develop a multi-partner, multi-use iron ore port facility in the State of Rio de Janeiro. The extension of the Port Agreement is positive news for Adriana and also indicates ArcelorMittal's commitment to the project."
The port facility in question would give iron ore providers access to global markets and minimize the iron ore export bottleneck in Brazil.