Isle of Man, UK-based iron ore producer Ferrous Resources Limited Group of companies, which includes Ferrous Resources do Brasil S/A, has announced that it has signed a non-binding memorandum of understanding (MoU) covering off-take of iron ore concentrate with CMC Cometals, the raw metals division of Irving, Texas, US-headquartered Commercial Metals Company (CMC).
As SteelOrbis previously reported, on March 17 Ferrous Resources signed three MoUs with Jiangsu Shagang Group Co., Ltd., the largest privately owned Chinese steel producer, Beijing Shougang Steel Group and another large state-owned Chinese steel producer.
CMC recycles, manufactures, fabricates and distributes steel and metal products across the world through offices in the US, China, Russia, Belgium and Australia. It has marketed iron ore from Brazil to China since 1995.
Ferrous Resources holds significant iron ore assets in Minas Gerais, Brazil and targets to reach annual iron ore production of 25 million metric tons by 2013 and 65 million metric tons by 2016.