Ferrous Resources Limited, an Isle of Man, UK-based iron ore producer with assets in Brazil, has announced that it has signed two non-binding memoranda of understanding (MOU) covering off-take of iron ore concentrate with Gulf Industrial Investment Co. (GIIC), a producer of high quality iron oxide pellets in Bahrain, and with a large Japanese trading company which has extensive experience in iron ore trading.
According to a company press release, the signing of these two MOU brings the total number of off-take MOU that the company has signed in recent months to eight, including with some of the largest steel companies in China.
The group has significant iron ore assets in Minas Gerais, Brazil, which it plans to develop in two stages. The first stage targets a production rate of 25 million mt per year of pipeline concentrate by the end of 2013, planning to increase it to 50 million mt per year in 2016.