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 April 22, 2009 to May 30, 2009. The deadline had already been extended from January 9 to April 22, 2009
Commenting on the deadline extension, Adriana stated the company expectation that by May 30, 2009, both Adriana and ArcelorMittal will be able to complete the definition of more detailed terms with respect to their working relationship going forward.
"The company continues to advance its goal of obtaining an environmental and construction permit to develop a multi-partner, multi-use iron ore port facility in the State of Rio de Janeiro. The continued working relationship with ArcelorMittal and the extension of the port agreement is positive for Adriana and also indicates ArcelorMittal's continued commitment to the project and the Brazil strategy," president and CEO of Adriana, Michael Beley, stated.
Currently, the port agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties.
The port facility in question would give iron ore providers access to global markets and minimize the iron ore export bottleneck in Brazil.